Confusion as to what new tax changes for landlords will mean says AXA
A recent News & Media release 6th April 2017 from AXA headlined ‘Landlords feel unfairly targeted by tax changes’.
In their latest study of UK landlords, AXA reveals that far more believe they will be affected than Government estimates suggest, and almost half plan to quit the rental market by 2020, fearing they are being unfairly targeted.
The research shows that more than 40 per cent of landlords believe they will be worse off as a result of the changes. This is despite the UK Government’s assurances that 82 per cent will not have any additional tax to pay.
Gordon Rutherford, Head of Marketing, AXA, said: “We see a real confusion as to what the new tax changes will mean, with government and landlords giving very different estimates of the impact.”
“We need to remember that few landlords are professional property tycoons: two thirds in the UK are ‘accidental’ landlords. They tend to own just one rental property that they’ve inherited or are finding hard to sell, and they make a modest income once time and expenses are out. They do feel increasingly apprehensive, as we can see from the numbers thinking of withdrawing their properties from the rental market in the coming years.”
Read the release from AXA 6th April 2017 in full click here.
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