22nd Mar 2022|News|Lettings|

Government queries landlords on how taxes can be simplified

The Office for Tax Simplification has invited landlords to write to the government to tell them how the taxation of property income can be simplified.

Landlord taxes have grown more complicated in recent years, from the introduction of the 3% stamp duty surcharge to the removal of mortgage income tax relief, to the growing divide between the profits landlords can make when operating as an individual or via a limited company.

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The government office requested to hear from individual landlords, small businesses, professional advisers and bodies in the sector on how the current system can be improved.

Landlords who want to respond can submit an online survey or email ots@ots.gov.uk by 5th June 2022.

When doing so landlords need to disclose the type of property rentals they own, solely or jointly, or whether the homes are owned through a partnership or incorporated.

People representing a body need to describe the group and its members.

Anyone who contributes to the consultation will not be named, unless they give permission.

The Office also said it was keen to meet stakeholders to discuss the review, saying interested people need to contact them by 3 May 2022 to do so.

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