mydeposits to run ‘The Great Tax Debate’ webinar

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On Thursday 17 December, mydeposits will run ‘The Great Tax Debate’ webinar, aimed at helping landlords prepare for 2021, which it is thought could bring some of the biggest changes to tax in recent years.

England’s Government and its predecessors have clamped down hard on landlords when it comes to tax, despite it not being mentioned in successive manifestos. 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.

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 Rishi Sunak delivers his next Budget.

‘The Great Tax Debate’ webinar will reflect on the recent tax changes which have impacted landlords the most, and the panel will share their views and answer live questions from attendees.

The expert panel, hosted by Head of Property for Hamilton Fraser, Paul Shamplina, will include:

• John Stewart – Deputy Director of Policy and Research for the NRLA
• Mitch Young – Co-Founder of Fusion Consultancy and International Private Client Tax specialist
• David Coughlin – CEO of National Residential; Co-Founder & Board Member at The National Association of Property Buyers
• Nigel Lewis – Property Journalist and Editor

Ahead of the webinar, John Stewart, Deputy Director of Policy and Research for the NRLA, says:

“Residential property investment has become the Conservative’s ‘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.”

To register and attend ‘The Great Tax Debate’ webinar, please visit this link.

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The business evictions ban is extended until end March 2021

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The Communities Secretary, Robert Jenrick, announced business owners affected by the pandemic will be protected from eviction until the end of March 2021.

This final extension to protections from the threat of eviction will give landlords and tenants 3 months to come to an agreement on unpaid rent.

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LATEST: Welsh NRLA launches election manifesto demanding fairer treatment of landlords

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Welsh landlords have launched their manifesto ahead of next year’s Senedd national elections calling on its government to treat treat landlords more fairly and for the country to adopt a national property licensing scheme.

The NRLA in Wales says its members are frustrated by the patchwork of different property licencing regulations across Wales and want to see instead a national framework similar to the country’s landlord licensing system, Rent Smart Wales.

Other proposals within the manifesto include a introducing a Welsh Housing Survey, a nationwide Housing Court and abolishing the unpopular 3% stamp duty surcharge on second homes paid by landlords.

The NRLA in Wales, which is lead locally by policy officer Tim Thomas, is also calling on Welsh politicians to oppose rent controls and resist attempts any further attempts to introduce a Right to Rent scheme in Wales.

An attempt by Westminster 18 months ago to roll out Right to Rent in Wales and Scotland failed following a High Court decision earlier this year.

Other policies the manifesto calls for include grants and loans to improve energy efficiency and end fuel poverty for private tenants, and using council tax more holistically to tackle empty homes.

Fairer treatment

“We’re very pleased to launch our Welsh manifesto ahead of next Spring’s Senedd election. This provides an opportunity for all parties to build a private rented sector fair to both landlords and tenants. 

“Our proposals will improve the rights of tenants and landlords demonstrating it is perfectly possible to do both, rather than sacrificing one for the other. 

“After four pieces of legislation in six years, the PRS can really use a break from large-scale change and use some assistance in meeting shared goals to the benefit of both landlord and tenant. Our manifesto achieves that.” 

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How to Rent guide updated by MHCLG

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The Ministry of Housing, Communities and Local Government has today (10/12/2020) updated the How to Rent guide: Click here to download.

The statutory requirement is for a tenant to be provided with the version of the guide current at the time of the new tenancy and failure to serve the most up to date guide invalidates any future Section 21 action.

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Covid-19 will redraw the UK rental map

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As the government prepares to roll out the first coronavirus vaccines, much of the nation will be anticipating a return to a more ‘normal’ life in 2021, but for London’s housing market there may be no going back to normal.

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Six key calls for parties standing in the 2021 Welsh Parliament elections

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the National Residential Landlords Association (NRLA) Wales have released their manifesto for the forthcoming election, explaining that only when the private rented sector (PRS) is regarded as part of the solution to the housing crisis can landlords and tenants prosper.

The post Six key calls for parties standing in the 2021 Welsh Parliament elections appeared first on Property118.

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EXCLUSIVE: New Brexit Visa rules to exclude new overseas landlords

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New immigration rules mean overseas property investors and landlords will find it very difficult to access the UK’s buy-to-let market next year, the Home Office has told LandordZONE.

The Government’s post-Brexit Tier 2 visa programme kicks off on 1st January 2021, with the Skilled Worker visa replacing the Tier 2 (General) work visa.

It awards points for a job offer, with the conditions that arrivals should use English up to a certain level and have a job offer from an approved UK employer.

Landlords are included in the list of eligible jobs but this route is designed for those coming to fill a skilled vacancy that can’t be filled by a resident worker.

That would exclude independent landlords wanting to live here and invest in buy-to-let property.

While EEA nationals who’ve arrived in the UK before 31st December can apply under the EU Settlement Scheme, this is only open for applications until 30^th June 2021. 

£2 million minimum

The Government is also restricting other routes; the former Entrepreneur visa, which allowed businesspeople with between £50,000 and £200,000 in funds to enter the UK to set up or take over a UK business, has been replaced by the Innovator visa, which allows entry only on condition they set up an “innovative business” – which effectively wouldn’t cover property management.

Only those with at least £2 million to invest can come to the UK on an Investor visa, but a Home Office spokesperson tells LandlordZONE: “Whilst investment in property would not satisfy the requirements of the immigration rules, a Tier 1 (investor) may buy property in addition to their permitted investment.”

She adds: “If an individual will remain based overseas, they can come to the UK for the purpose of entering into contracts using the visitor route.”

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Havering Council extends Licensing and Landlord Fines Money Machine

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Havering Council has agreed to the extension of its landlord licensing gravy train. The current scheme was launched in March 2018 and has bagged the council the best part of a £million with £417,500 in financial penalty fines, and £350,000 from 314 HMO licences issued to landlords and paid for by increased tenant rents.

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SHOCK figures: London to lose a net 13% of all renters once Covid restrictions finish

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London landlords will face a challenging rental property market once the pandemic subsides, it has been claimed.

Rentals platform SpareRoom.com says its research among renters in the capital reveals that 27% are waiting to move once Covid restrictions lift, and that half of them expect to leave London altogether, a majority of them planning to move to towns or villages outside the city.

SpareRoom says that London is therefore unlikely to ‘go back to normal’ as many companies continue to enable employees to work from home, removing the need for them to live within commuting distance of central offices.

The upshot of this is a projected 13% net exodus of renters from London, which is likely to significantly lower rents as supply begins to outstrip supply.

Save money

Looking at the wider market, SpareRoom says almost a quarter of 23-29 year olds left their rented accommodation during the pandemic to save money or after losing their jobs.

Many have chosen to move back into their family homes, and a third of 23-29 olds now live with their parents compared with 18% of thirty-somethings.

“We’re looking at a redrawing of the UK’s rental map in 2021 and London will be the biggest loser,” says Matt Hutchinson from SpareRoom (pictured).

“Whether it’s down to the catastrophic effects of COVID on tourism, hospitality and the arts, driven more by lifestyle factors like wanting outdoor space, or simply the realisation that many jobs can now be done from anywhere, London living is losing its appeal for many.

“We’ve already seen the effects on London rents, with averages falling consistently since spring.”

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HMOs: Bath is latest city to launch clampdown plans

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Bath and North East Somerset Council is the latest local authority to clampdown on HMOs within its private rented housing market.

This follows similar moves by a raft of other councils this year particularly on HMO density, a problem that Bath and North East Somerset says it wants to tackle. There is also a Bill going through parliament that will give local councils like Bath greater powers to regulate this type of rented property.

The council is to consider a report to be published tomorrow that will reveal the detail of its plans.

It is expected that these will include bringing new-build properties into its existing HMO policy, as well as including family homes that are converted into multi-occupancy rented units.

The council also intends to tighten up policy for landlords seeking to upgrade HMOs from small to larger units, create new parking standards for HMOs and look at further regulating student HMOs and other types of university accommodation.

These proposed changes are being spearheaded by local Liberal Democrats who have a majority on the council. The party says it is reacting to resident concerns about the rapid spread of HMOs particularly within Bath.

“HMOs are important in the provision of affordable housing for younger people, but we also need to ensure a mixture of housing types in the city,” says Councillor Alison Born (pictured).

“I’ve heard numerous examples of families who have not been able to find homes to buy or rent in Bath, due to the number of HMO properties.

“A better mix could also help protect community assets, such as schools, because the conversion of family homes to HMOs drives down demand for school places.”

If approved, the plans will go forward to a six-week public consultation.

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