Landlords are urging the Government to introduce tax incentives for long-term tenancies in Budget 2018.
The Residential Landlords Association (RLA) has said the Government should use tax reforms, rather than legislation, to encourage landlords to offer longer tenancies.
Earlier this year, the Ministry of Housing, Communities and Local Government launched a consultation on implementing a three-year tenancy model.
This put forward a number of options to support increasing numbers of private tenants who are seeking long-term security, including introducing a financial incentive for landlords in the form of tax relief or cash payments.
David Smith, policy director for the RLA, said:
“Landlords recognise the demand for longer tenancies which provide stability for tenants and landlords.
“Recent statements by MPs suggest that positive taxation to support longer tenancies would gain support in Parliament, enabling such tenancies to become available far quicker than imposing them by law.
“We call on the Chancellor to back this pragmatic proposal.”
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