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Buy-to-let can be taxing
15 May, 2008
Having a basic understanding of the tax issues surrounding buy-to-let properties will help brokers develop relationships with their clients, according to Richard Farr, director of the Association of Mortgage Intermediaries (AMI).
Speaking at this year’s Mortgage Business Expo Manchester, Farr said there was no obligation for brokers to offer information on tax matters to clients but being able to discuss some of the issues involved could help develop their overall service proposition.
Farr said: “Brokers can do a better job and get a better understanding of their clients if they themselves have a better understanding of this area.”
Farr highlighted tax deductible allowances and capital gains rules as areas where some basic information could make a big difference and said in many cases running a buy-to-let property efficiently could deliver significant savings.