proposed changes to Property Tax Reliefs announced in the Budget are likely to
have far reaching consequences. The proposed changes are retrospective,
essentially an elimination of allowances previously committed to investors.
These changes could potentially severely impact tax payers and may have a
negative impact where the fairly expected tax relief was factored into the
repayment of debt.
taxpayers were encouraged by the Government to invest in these properties
though the property tax reliefs. In addition to high net worth individuals,
small business owners have invested significantly in this area. The impact of
the proposed changes will affect small business owners whose incomes and
businesses are already under pressure.
the campaigning for the forthcoming General Election is already underway, we
would encourage you to voice your objections with all Public Representatives
that you meet to try and ensure that appropriate modifications (changes not
retrospective) are made before the Finance Bill comes into force.