New Prime Minister, Liz Truss hints that the Government could repeal Section 24.

New Prime Minister, Liz Truss has hinted that the Government is minded to repeal Section 24, which would be a great boost for private landlords.

Section 24 was introduced in 2015 by Chancellor Philip Hammond and curbed tax benefits for landlords as they could no longer deduct mortgage interest from their tax bills.

At a recent hustings meeting where she spoke with Ben Beadle, CEO of the National Residential Landlords Association, Truss said landlords had been given “a hard time” for the last four or five years under previous governments.

Truss is known to favour an enabling role for Government, providing an environment for investment and growth, so a move to encourage property owners to bring their properties to the market certainly fits this philosophy.

Although any change is highly unlikely in tomorrow's mini-Budget (Friday 23 September), the measure could be part of the Government's future plans to stimulate growth of the economy by removing disincentives like Section 24.

We are watching this one with interest and will keep you up-to-date with any further developments, but for now there could be some light at the end of the tunnel for landlords struggling in the current economic climate.

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