The Residential Landlords Association (RLA) has stepped up its campaign for the Government to help encourage longer tenancies.
The membership body has made a submission ahead of Chancellor Philip Hammond’s Budget on October 29 calling for tax reliefs for landlords that offer longer tenancies up to a maximum of five years.
The RLA suggests that rather than legislating for a set term for tenancies, landlords could instead receive tax relief on rental income which could increase each year a tenancy continues up to a maximum of five years if the tenancy is renewed. The relief would then remain at this level.
David Smith, policy director for the RLA, said: “Landlords recognise the demand for longer tenancies which provide stability for tenants and landlords.
“Recent statements by MPs suggest that positive taxation to support longer tenancies would gain support in Parliament, enabling such tenancies to become available far quicker than imposing them by law.
“We call on the Chancellor to back this pragmatic proposal.”