25 Feb

Landlords reminded to apply for tax benefit

Landlords reminded to apply for tax benefit

Landlords are being reminded that they must ensure they apply as soon as possible to obtain tax relief on eco-property improvements.

Time is running out for landlords to qualify for a £1,500 tax relief allowance, per property, on works conducted to help improve the energy efficiency of their rental homes.

The perk is set to be withdrawn on April 6th and the application process can be lengthy, so people need to act now if they are able to benefit from the Landlords Energy Saving Allowance.

Landlords should also be aware there is also £5,600 cashback available under the government's Green Deal project, which is designed to improve the quality of the UK's rental property stock.

From April 2018, all properties that are let out must have an energy rating of Band E or higher, otherwise landlords will not be permitted to allow tenants to live in them.

It is expected this could lead to large bills for many landlords as they attempt to bring their properties up to the required standard.

The government has raised concerns that tenants pay up to £880 more per year for energy if they live in a property whose rating is below Band E.

Other planned changes include landlords having to accept any reasonable requests from tenants to make their home more suitable.

However, a number of landlord and environmental groups have raised concerns about the decision to remove the tax break.

"We should not let this policy expire and die just when it could be really useful,” said David Weatherall of the Energy Saving Trust.

The National Landlords Association (NLA) is also calling on the government to renew the tax relief.ADNFCR-1222-ID-801777266-ADNFCR

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