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Tax relief for buy to let landlords
Landlords have been given a surprise gift of increased tax relief on their earnings through property lets. Under the present system of taper relief for landlords, that is the reduction in tax payable to the Government over a period of time, the tax liability on growth is 24 per cent, from April 6 next year the amount will be 18 per cent. Landlords have a personal allowance of £9,200 and the change in the tax will make it more attractive for landlords to update their portfolio by selling properties with less tax burden and upgrade to larger properties if they wish.
Landlords with holiday lets or properties on short tenancies have not fared so favourably as their tax liabilities will increase by 8 per cent from to 18 per cent inline with capital gains from April 5th 2008.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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