Mr. John-Mark McCafferty:

It is not easy. The tax code has various tax breaks and incentives, which are tied to a particular action that can be taken. Sometimes, that can be done over the long term. Generally speaking, tax breaks are not necessarily a great form of policy. However, in this instance, given there is such a reliance on small landlords, the unfairness of the tax treatment of larger institutional investors compared with those small landlords who house the vast majority of people we are assisting, and positive sounds from the Government with regard to tax reform, ways need to be found to tie certain types of behaviours regarding longer leases with the tax code. Whether that is something that is redeemed after so many years could be looked at. It is probably something that might need to be looked at along with some wider issues, such as energy efficiency in the private rental sector. As we rely so heavily as a society on smaller landlords to house such a large part of our population, this is one area where tax breaks are justified, but they need to be focused.