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A report issued by the Chartered Institute of Building (CIB) is recommending that the government raise property taxes for landlords who don’t invest in repairs or keep their properties well maintained. They say that if property taxes are better targeted then landlords are more likely to spend money on their
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properties, which in turn will benefit tenants.
The CIB claims that around one third of the UK’s private rented homes are falling below the government’s decent homes test. This means that they don’t have adequate heating, are costly to heat, and are generally not pleasant to live in.
Chartered Institute of Building Comment
Grainia Long, Chief Executive of the CIB is arguing that:
“If landlords who committed to a higher level of standards benefited from a more targeted allowance, while those who did not saw their allowances stay the same or even reduce, the government could encourage higher standards – without needing to find any extra money. This government has focused on measures to boost home ownership, but with more and more people living in the private rented sector – including older people, more families with children and more vulnerable people from the housing waiting list – it’s vital that we look carefully at new ways to raise standards.”
HMRC Property Tax Allowances
Currently landlords in the private sector can claim property tax relief on repairs and general maintenance. However, any major renovations and improvements that add value to the property are classed as capital spending and won’t benefit a landlord until the property is sold.
