01 April 2015 | Online since 2003



24 August 2012|CLA,Finance,News,Property News

Montague Report 'brings focus onto newly built private lets'


Institutional investors could fund the building of private housing for rent, a report for the government by Sir Adrian Montague has said.

Montague said the housing market was "unusual in that there is no institutional sector in building homes for rent to get a long term rental income".

The CLA said the Montague Report, published on Thursday, has highlighted the need to increase the private sector provision of let housing.


CLA President Harry Cotterell said the CLA has long argued that the tax system hinders growth for private landlords because rental income is treated as investment rather than trading income.

“This is especially serious with capital taxes, such as Inheritance Tax and Capital Gains Tax, where tax liabilities are based on the value of the property and can force a sale, discouraging owners from making the kind of long-term arrangements which Montague is trying to encourage."


“It is a shame the Communities and Local Government Select Committee’s tax reform recommendations for non-institutional investors could not be included in the Montague Review, despite the Minister for Housing stating that he wanted to undertake an independent review to examine how best to encourage greater investment in homes to rent.”

Cotterell said the CLA welcomed the Montague proposals that local authorities’ Housing Market Assessments, determining the number of new builds, should include the number of people who need open-market rented housing, and also supported the setting up of a task force to decided how this could be done.

“The state of the UK housing mortgage market is unlikely to improve in the near future, so Sir Adrian’s focus on new-build private lets is timely. Many CLA members would like to help reduce the national housing shortage by increasing the number of new homes they let especially in rural areas. This report provides a novel approach to delivering these aims.”

Download



Comments


No comments posted yet. Be the first to post a comment

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


19 March 2015
Client Support Person
Landmark Systems is a company committed to providing computerised solutions for businesses including farms, private estates, ...

13 March 2015
Hatchery Drivers - HGV Class 1
An understanding of farm work, as well as experience transporting livestock, would be an advantage. This role is responsible ...

13 March 2015
Poultry farm worker
The positions are on a breeder farm just outside Norwich, and will be working over the four breeder sites as needed....

31 March 2015
Plant Services Operator
Pump dirty solvent from Services building to tank farm. Load dirty solvent from tank farm & Balfour Still sludge tank to ...

21 March 2015
National Account Executive
From the farm to the factory to the retail shelf, we are all committed to delivering outstanding food experiences every time....




Top stories you may have missed
23 March 2015 | Cattle

UK butchers face difficulties to recruit...

Butchers in the UK are losing a generation through lack of training opportu...


20 March 2015 | Arable

Dust - the secret fertiliser?

NASA research has revealed how dust blown from the Sahara desert helps supp...


19 March 2015 | Arable

The Budget 2015: A Farmer's Budget?

“In the run up to the Budget 2015 most commentators were predicting that th...


17 March 2015 | News

UK's first floating solar power system l...

The UK’s first fully operational floating solar panel system has been unvei...


13 March 2015 | Animal Health

Labour and Conservatives clash over badg...

Axing the badger cull in England and Wales will save more than £120 million...


12 March 2015 | News

Solar could be cheapest energy source by...

By 2025, solar power could become one of the cheapest forms of energy in ma...


11 March 2015 | Finance

English buyers turn their attention to S...

Demand for Scottish farm land remains strong and continues to be better val...


9 March 2015 | Cattle

2020 vision for the Welsh red meat indus...

The Welsh red meat industry should aim to increase sales by at least 34 per...


6 March 2015 | News

MP raises egg industry concerns on trans...

Fears about the impact that a proposed transatlantic trade agreement could ...


Stay safe and legal when flying drones

The use of Unmanned Aerial Vehicles and Unmanned Aircraft Systems - or dron...