The March 21 Budget is an ‘open goal’ for the Chancellor to encourage investment in the UK’s private rented sector and support growth in the economy according to the Association of Residential Letting Agents (ARLA) when they meet for their annual conference.
In their Budget submission to the Chancellor, they have urged the Government to support growth in the private rented sector and remove prohibitive barriers to further investment.
ARLA operations manager Ian Potter said: “Landlords must be treated as the entrepreneurial businesses they have now become. Supporting growth and encouraging greater investment into the private rented sector will help boost our economy and is an open goal for the Chancellor.”
“Demand for private rented housing continues to grow, with 3.4 million tenants living in the private rented sector – an increase of over one million tenants since 2005. The tax system can be used by the Government to incentivise investment in housing stock in the PRS, and therefore improve the conditions in which those 3.4 million tenants live.”
ARLA’s Budget submission calls on the Government to encourage investment in the private rented sector by treating rented property as an entrepreneurial business activity for capital gains tax purposes, reintroducing rollover relief for landlords looking to reinvest in the private rented sector and reassessing the structure of stamp duty to create a fairer system.