Landlords should be given tax relief on energy efficiency matters

Heather Powell, Head of Property and a Partner at Blick Rothenberg, suggests that Chancellor Jeremy Hunt should use the upcoming Spring Budget to incentivize buy-to-let landlords to enhance the energy efficiency of their rental properties. Powell proposes that allowing landlords to claim income tax or corporate tax relief for making such improvements would encourage them to invest in upgrading their properties, which is crucial for the UK’s goal of reaching Carbon Zero by 2050.

She emphasizes the importance of this measure in addressing both the government’s aim of improving rental property efficiency and helping tenants cope with the rising cost of living, particularly in the face of soaring energy costs.

Powell’s recommendation aligns with the growing demand from renters for landlords to make green changes to their properties to mitigate excessive energy bills. Research from NatWest and S&P Global indicates that three-quarters of UK renters expect their monthly costs to rise and are advocating for landlords to improve the energy efficiency of their rental accommodations.

Lloyd Cochrane, Head of Mortgages at NatWest, underscores the significance of addressing cost and disruption as barriers to making sustainable changes to homes. He highlights the increasing call from renters for landlords to address energy efficiency concerns.

With Chancellor Jeremy Hunt set to deliver the Spring Budget on March 6, Powell’s proposal aims to spur action that not only benefits landlords but also contributes to the broader goal of enhancing the energy efficiency of the UK’s rental housing stock.

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