Older buy-to-let investors 'will enter the market'

The number of serious buy-to-let landlords who are over 50-years-old is set to increase rapidly in the coming years, according to a new survey.

Saga has published research which claims that the number of over-50s with a portfolio of rental properties will increase by 24 per cent over the next year.

Many people now view property investment as an alternative to a pension, but Saga advised these over-50s that it was important to consult a lawyer to make sure they paid the correct levels of tax on their properties.

"It is no surprise that over-50s own the majority of second and rental properties in the UK, however, as more and more decide to follow this route, it is important that they understand the tax implications that rental income will have," explained Andrew Goodsell, the chief executive of Saga Group.

Currently, HM Customs & Revenue has given buy-to-let landlords until June 22nd to declare any underpayments on their tax and receive a 90 per cent discount onthe penalty charge they will face.

Recently, a spokesperson for ARLA said that buy-to-let property was "straight-forward investment, as far as tax is concerned".