Asked by: Lord Carrington (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government how many people declaring an income from letting property pay the (1) additional, (2) higher, and (3) standard, rates of income tax for the most recent period for which figures are available.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The number of individuals that have declared property income and that pay each of the marginal rates of income tax specified, rounded to the nearest thousand, are as follows:
Tax rate | Number of individuals |
Additional higher rate | 91,000 |
Higher rate | 543,000 |
Basic rate | 1,439,000 |
The numbers of individuals in each parliamentary constituency that declared income from property lettings via their self-assessment tax returns in 2020-21, rounded to the nearest 10 are provided in the attached table.
Please also note that:
Asked by: Lord Carrington (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government how many people have declared income from letting property by parliamentary constituency for the most recent period for which figures are available.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The number of individuals that have declared property income and that pay each of the marginal rates of income tax specified, rounded to the nearest thousand, are as follows:
Tax rate | Number of individuals |
Additional higher rate | 91,000 |
Higher rate | 543,000 |
Basic rate | 1,439,000 |
The numbers of individuals in each parliamentary constituency that declared income from property lettings via their self-assessment tax returns in 2020-21, rounded to the nearest 10 are provided in the attached table.
Please also note that:
Asked by: Lord Carrington (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government how many people declaring an income from letting property pay the (1) additional, (2) higher, and (3) standard, rates of income tax for the most recent period for which the data is available.
Answered by Lord Agnew of Oulton
In 2019/20, the numbers of individuals declaring income via Self-Assessment from letting property and falling into each of the (1) additional, (2) higher, and (3) standard income tax bands that the question refers to, rounded to the nearest thousand, are:
Marginal tax rate | Number of individuals |
Additional higher rate (45%) | 106,000 |
Higher rate (40%) | 560,000 |
Basic rate (20%) | 1,519,000 |
It should also be noted that:
- Taxpayers in Scotland will not pay the tax rates referred to in the question as they are subject to a separate income tax regime, and are therefore excluded from the figures above.
- Not all individuals with property income are required to declare it. For example, those with income below the £1,000 property allowance are not required to tell HMRC.
- Some individuals with property income between £1,000 to £2,500 will declare this via PAYE rather than Self-Assessment. These individuals are not included here.
- Some individuals will not fall into any of the tax bands referred to in the question as their income will be within their personal allowance.
During the pandemic, the Government has put in place a substantial financial package, backed up by billions of pounds, which is supporting renters to sustain tenancies and to afford their housing costs. The Government is supporting landlords by providing tenants with extensive financial assistance to continue paying rent. The Government will also be bringing in a Better Deal for Renters designed to help the rental market work better for both tenants and landlords; a White Paper detailing this reform package will be brought forward in due course.
Asked by: Lord Carrington (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether buy-to-let mortgage holidays constitute a deferred payment which has to be repaid to lenders.
Answered by Lord Agnew of Oulton
Mortgage holidays have provided support for borrowers to manage their finances during a period of uncertainty. Borrowers accessing payment holidays, including buy-to-let mortgage consumers, will still need to repay the full balance of their loan, and will continue to accrue interest during the payment holiday, unless the lender has indicated otherwise. There are various options for managing this, for example, by increasing their remaining monthly payments, or by adding an extension to the term. Borrowers should talk to their lender to understand the options they offer.