LVT- how will this affect landlords
Whilst following various election coverage I have seen various mention of a new Land Value Tax being proposed by the Labour Party. Digging deeper it appears there would be one rate for individuals and a much higher rate for landlords or second home owners....3% of the land value each year. This tax would, unlike council tax, be born by the property owner and not the tenant.
Does anyone have any further information about how this would work? Would owners of leasehold, as opposed to freehold, properties pay it? And would it be an allowable deduction from ones Lettings income for income tax purposes. If not, it seems it would be yet another attack on landlords' purses.
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