Landlords Want IHT Scrapped for Passing on Homes
A detailed survey into buy-to-let and the broader housing market has provoked a split reaction.
In almost all the categories, the responses were split almost down the middle - except for the answer to one question. When owners of more than one home were asked if inheritance tax should be abolished on passing on property, 62% agreed, making the issue the most widely supported survey.
Here are the full results of the research by lender Market Financial Solutions:
- 55% of adults strongly support introducing new laws to stamp out gazumping, rising to 64% among those who own at least one home
- 52% believe caps should restrict the number, value or location of properties bought by non-UK residents
- 49% would welcome a housing tribunal with powers to review rent rises on individual properties, increasing to 58% for those renting with no intention of buying a home in the next 18 months
- 47% currently own two or more homes and are against a cap on the number of houses one person can hold, but 41% support the measure
- 62% owning more than one property support the abolition of inheritance tax on property assets
- 52% of renters with no intention of buying home support having council tax for their homes paid by the landlord
- 52% own one home, equivalent to 26.92 million homeowners, while only 4% own two or more homes
- 25% live in a rented house and will not buy a home in the next 18 months, and just 7% of renters plan to buy a home by 2020
The lender’s CEO Paresh Raja said: “Whether you’re a renter looking to make your first real estate purchase or a homeowner trying to move up the property chain, the property market is facing a number of challenges.
“Our findings demonstrate the public’s desire to have new laws introduced to prevent gazumping, and in turn, reduce the risk of a property chain collapsing. It’s also interesting to note that those people who own two or more residential properties are eager to see property inheritance tax removed on real estate assets.”
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A well-rounded resource for residential property investors navigating the complexities of income tax, capital gains tax, and inheritance tax. Make informed decisions with this detailed guide