Police reject genealogy websites in cold case enquiries
UK Police chiefs have said they do not intend to use genetic genealogy websites to look for suspects in unsolved…More
Around a quarter of Britain’s two million landlords are considering selling a property as the government removes tax relief on mortgage interest payments.
The change, scheduled to begin at the start of the new year in April, has made many investors reconsider the profitability of their property portfolio.
Meera Chindooroy, policy and public affairs manager at the National Landlords Association, told The Daily Mail: “What we are witnessing in the market now is hardly surprising. When the government first announced its intention to scrap tax relief on mortgage interest payments for by-to-let landlords in 2015, we warned the decision would disrupt the supply of private rented property and we’ve been proved right.”
As of 6 April all rental income will be taxed at a landlord’s highest marginal income tax rate. Higher rate tax payers, in particular, may find their profits plunge and are wiped out by unexpected costs and gaps in tenancies, the newspaper warns.
It adds that the Treasury is collecting record rates from capital gains tax as a result of the number of investment properties being sold prior to the start of the new tax year.
John Stewart, policy manager of the Residential Landlords Association, said: “All the evidence shows that growing numbers of landlords are looking to sell properties as a result of the increased tax burden of the sector.”