A senior Labour MP has suggested the Government could offer tax deductions to landlords who provide longer tenancies.
During oral questions to Ministers at the Treasury on Tuesday 29th November, Meg Hillier MP (Labour, Hackney South and Shoreditch – Chair of the Public Accounts Committee) told the House:
“More people in my constituency rent privately than own their own homes and for most of them ownership is a distant or impossible dream. Are the Government considering looking at the supply of private rented housing on longer tenures, perhaps with rent guarantees, and possibly using tax reliefs or other mechanisms the Treasury has in its armoury, to encourage landlords to provide those longer-term tenancies and better security for the many private rented sector tenants?”
The Chief Secretary to the Treasury, David Gauke MP, responded without committing to looking into this:
“The Government are taking action to ensure that we build more homes. There is a need for flexibility in terms of tenure…but last week’s autumn statement included a series of measures that will help to ensure that we are building more homes in this country, which is what we need.”
Landlords what are your views on tax breaks for longer tenancies? Would you support measures for longer tenancies if the government did a u-turn on Section 24?
Please let us know your thoughts in the comments section below or on our Member’s Forum.