More over-50s set to become landlords next year

The number of over-50s choosing to invest their money in buy-to-let property is set to grow by a quarter (24 per cent) in the next year, according to one insurer.

Saga Home Insurance, a specialist providers serving the over-50s market, is urging consumers to take tax advice to ensure they are protecting their investment and making the most of their capital.

Andrew Goodsell, chief cxecutive of Saga Group, said: "It is no surprise that over-50s own the majority of second and rental properties in the UK -however, as more and more decide to follow this route, it is important that they understand the tax implications that rental income will have.

The firm reminds all of those buying a house for buy-to-let purposes that landlords have until June 22nd to declare any underpayments in tax in order to benefit from a 90 per cent reduction in the resultant penalty.

It states that it is "critical" that such investors take advice from a property solicitor or other private house specialist in order to safeguard their position.

Meanwhile, recent research from Saga revealed that 83 per cent of UK consumers remain unaware of new inheritance tax rules on trusts, while nearly half the population does not have a will.