Tenants: Taxation

HM Treasury written question – answered on 22nd March 2017.

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Photo of Derek Thomas Derek Thomas Conservative, St Ives

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the tenant tax on private landlords in terms of (a) rental income and (b) property standards.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

With regard to restricting financial cost relief for landlords, it is estimated that only 1 in 5 landlords will pay more tax as a result of this measure. Given that only a small proportion of the housing market is affected by this change, the Government does not expect it to have a large impact on rent levels.

Landlords are required to maintain their properties to a legal minimum standard. The reform to the wear and tear allowance means that all landlords will now be able to offset the costs of replacing furnishings in their properties removing the previous disincentive to do so.

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