New data revealing that almost half of Britain's buy-to-let stock is now held through limited companies confirms what many in the sector have long suspected: the traditional model of the individual, higher-rate-taxpayer landlord is being systematically dismantled by a decade of unfavourable tax policy. The figure, hovering around 46% according to recent lender analysis, represents a structural transformation of the private rented sector that has accelerated sharply since 2020, and shows no sign of reversing.