Lettings industry 'can stimulate UK economy'

News Category: Industry News

This article was brought to you by Rentman the premium rent management software.

Letting agents and landlords working in the private rented sector can help stimulate the British economy out of the recession, according to one industry body.

With an increasing amount of people renting instead of buying their own properties, the Residential Landlords Association (RLA) has said the industry is becoming increasingly important to the UK's finances.

It has called on the government to bring in a range of tax breaks for the sector in order to further stimulate its growth.

The RLA wants to see a reduction in tax rates for renovation and repair work, as well as the introduction of capital allowances to allow landlords to carry out refurbishments to their properties.

Following recommendations made in the Rugg report, it also wants to see landlords treated as businesses so they are taxed in the same way as other companies.

"Taxation policy presents an opportunity to make changes to the tax system which will help improve private rented sector for the benefit of the nation's economy," the RLA said of its suggested changes.

Earlier this week, research by professional services advice website Unbiased.co.uk had good news for letting agents and landlords as it revealed around 1.75 million people in the country are considering a move into rented accommodation.

Buy letting agent software that works