But for Harrop, capital gains tax is only one part of the problem.
He says: “I’m a business graduate, I’ve been a CEO of businesses turning over millions of pounds but now I’m having to work as a postman in my 60s because all of my savings have gone.
“We are comfortable and very happy but our financial planning has been thrown completely awry by successive governments increasing the tax burden and adding to regulation and costs.”
He lives with his wife on the Isle of Wight, where he works long days, including weekends.
“It’s fine, but it’s not the future I envisioned for myself,” he says. “I’m working to keep my head above water and cover the cost of properties that I’m now stuck with.”
Between 2012 and 2019, Harrop invested in four buy-to-lets. He had been self-employed his entire life, running a marketing business which meant he was not benefitting from employer pension contributions.
For years, he prided himself on being a good landlord who kept his properties freshly decorated, sparklingly clean and with high speed broadband.
But he admits providing this service has become “increasingly difficult”. He is now in the process of selling two of his homes while he plans to sell a third in the next year.
He says: “I had an extraordinary expenditure on fire systems when the local council changed regulations. I’ve had to cover broken windows and showers, replace washing machines and deal with rat infestations.
“These are the usual challenges of being a landlord. You budget for this but if the rent doesn’t cover your fixed costs, maintenance costs have to come from savings.
“It breaks my heart that I can’t afford to do the maintenance like I used to, which is one of the reasons I made the decision to sell.”
These issues have been compounded by soaring mortgage rates which have risen from their near-zero lows during the 2010s to around 5pc today. Volatile energy bills and insurance premiums are also not helping.
