As the Chancellor George Osborne announced that there would be no new property tax for landlords yesterday, many landlords were breathing a sigh of relief, including Rick Flay, director of Belvoir Sheffield, the leading lettings agency in Sheffield.
It was proposed by the Liberal Democrats to introduce a mansion tax to raise cash off prosperous property owners, but the autumn statement shows that they have lost their fight.
Rick Flay, Director at Belvoir Sheffield, which offers a wide range of Sheffiield houses for renting, said: “The autumn statement was a relief for landlords. From talking to the landlords on our books here at Belvoir Sheffield, many of them feel that the Government does very little to support them and their welfare. Usually the law protects the tenant rather than the landlord, but George Osbourne’s statement was good news for landlords.
“It was great to see him so determined that no property tax was on the way and that no property tax will be considered on his watch.”
Under the original proposals, it was found that introducing a new property tax would prove too expensive because the government would have to spend millions on revaluing the nation’s property stock.
Other than the announcement that the property tax would not be enforced, there was no real benefit to landlords, although everyone would benefit from
- The tax free allowance increasing by £1,035 to £9,440 a year from April 2013
- Higher rate taxpayers earnings before paying income tax at 40% rise to £41,865 from April and 1% more to £42,285 in April 2014.
Belvoir is the One Stop Specialists for Lettings in Sheffield including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Mortgages.
