'We Could Raise Rents If We Lose Tax Breaks,' UK Landlords Warn Osborne

Landlords say they may be forced to hike rents if George Osborne sweeps away lucrative tax breaks. In an open letter to Mr Osborne, the National Landlords Association warned that costs in the private rental sector could rise by up to £2.6billion if mortgage interest payments for the buy-to-let sector are made non-deductible. NLA CEO Richard Lambert said that removing the tax perk would damage the economy, and work against first-time buyers by putting greater pressure on the cost of housing. Mr Lambert wrote: 'It has been suggested that private landlords receive too many "perks" or reliefs which give them an unfair advantage compared to owner-occupiers, but this ignores the fact that letting residential property for profit is a business. No business pays tax on their gross turnover alone so why should landlords be treated any differently?” Read more on the This is Money website.