It was a disappointing day for landlords, with Philip Hammond’s announcement in the Autumn Statement to ban letting agent fees paid by tenants yet another blow to the private rented sector.
In his Autumn Statement, the Chancellor said he was taking action against ‘spiralling’ unregulated fees charged by agents, passing the fees onto landlords, a move which will inevitably push up rent for tenants.
And while there were no big surprises there was other worrying news – that tax on insurance premiums will go up by 2% and the announcement that the Government is planning a review into the way incorporated businesses are taxed.
The news of the review comes after thousands of landlords have made the decision to incorporate following last years’ Mortgage Interest Relief announcement in a bid to reduce tax liability.
The Chancellor’s decision to ignore the opportunity to look at Mortgage Interest Relief was also a big disappointment, after calls from across the industry to reverse this unfair tax-grab on landlords.
There were also no changes to the Stamp Duty surcharge introduced by George Osborne.
Watch our chairman’s reaction to the Autumn Statement below:
To read the full Autumn Statement documents click here.