This Thursday, December 17, sees The Great Tax Debate webinar aimed at helping landlords prepare for a year of change in 2021.
The organisers say that in April this year, landlords suffered a triple hit as three tax reliefs were axed or scaled back from the start of the new tax year.
Mortgage interest tax relief was replaced with a 20 per cent credit, which has been phased in over three years, capital gains tax exemptions for 'accidental' landlords - those who held onto homes they once lived in, were reduced, and letting relief was cut.
Organisers claim most landlords are now facing significantly larger income tax bills than they did 10 years ago and it is thought that there will be more in the pipeline when Chancellor Rishi Sunak delivers his next Budget in the spring.
The webinar panel is to be hosted by Hamilton Fraser’s Head of Property, Paul Shamplina; it will include John Stewart, Deputy Director of Policy and Research for the NRLA; and Mitch Young, Co-Founder of Fusion Consultancy and international private client specialist.
They will be joined by David Coughlin, chief executive of National Residential; and property journalist and Landlord Zone editor Nigel Lewis.
John Stewart says: “Residential property investment has become the Conservatives’ ‘go-to’ sector for tax take.
“Over the last few years, we’ve seen restrictions on mortgage interest relief, differential rates of CGT and SDLT and loss of wear and tear and energy savings allowances.
“Rather than blanket increases and cuts in allowances, there is a need to get smart and use the tax regime to align investor behaviour with the Government’s desired policy outcomes for private renting.”
You can register for the webinar here.