Agents Invited to Have Their Say on Property Tax Consultation
The rental industry is encouraged to respond to a call for evidence issued by the Office of Tax Simplification (OTS), with a view to simplifying and clarifying property tax.
Rental taxation is a major concern for people considering investing in the private rental sector.
However, some aspects of the different tax regimes and deductibles for different forms of rental property can be a challenge for landlords and micro-enterprises who own property – and even for professional tax advisers and rental agencies.
For this reason, the OTS has issued a call for evidence, asking property owners and those who help them comply with current tax rules, to suggest improvements and efficiencies to the current property tax system, and PayProp UK wants agents to make their voices heard. .
The OTS can then, within its remit, compile feedback from landlords, advisers and property professionals to offer recommendations and advice to the Chancellor on how to simplify the UK tax system for the property sector. .
This in-depth review will examine, among other things, how income from property relates to income tax; the different rules that apply to residential tenancies and other forms of tenancies; income from property abroad; as well as allowances and exemptions.
Rental agents can respond to the call for evidence by emailing [email protected] The call for evidence and the investigation will continue until June 5, 2022.
“As a PropTech provider, we seek to engage with government at all levels to show how technology can help build trust and transparency in the private rental sector,” said Neil Cobbold, Managing Director of PayProp UK . “Discussing with OTS representatives, it’s clear to us that they welcome input from rental agents and landlords as well as third parties to make property taxation more transparent.”
“This is a valuable opportunity for landlords and the wider industry to help clarify and further develop the tax rules, and we encourage any letting agent to contribute fully to the consultation,” a- he added.
The review is expected to release its findings this fall.