No 'massive influx' of buy-to-let properties for sale
Published: 17-Apr-2008
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Changes to Capital Gains Tax (CGT) will not result in a large number of landlords selling of their buy-to-let properties, an expert has claimed.
Andy McQueen, director of Nationwide's specialist arms Mortgage Works and UCB Home Loans, said that there will not be a mass sell-off by landlords as the new CGT regime is "not just for a short period of time", Citywire reported.
He dismissed forecasts surrounding the changes to CGT, adding that the removal of taper relief meant that the new regime gave landlords greater freedom over when to sell.
Mr McQueen commented: "I don't think there will be a massive influx of properties for sale because it is not just for a short period of time.
"The artificial nature of CGT and taper relief meant you would think about holding certain properties longer than you wanted to."
He went on to criticise the fact that buy-to-let landlords were prevented from being entitled to 'entrepreneurs' relief' by a tax rule, which he said suggested that landlords were "not entrepreneurs".
The 'entrepreneurs' relief' was introduced on April 6th 2008.
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