BREXIT, SDLT and Interest Tax Relief

by Readers Question

10:28 AM, 28th June 2016
About 2 years ago

BREXIT, SDLT and Interest Tax Relief

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BREXIT, SDLT and Interest Tax Relief

With Brexit starting to hit the housing market isn’t it now an ideal time for the chancellor to drop the SDLT and reintroduce the full tax relief on interest payments? BREXIT, SDLT and Interest Tax Relief

Buy-to-let property investors saved the housing market from 2007, kept house owners from going into negative equity, helped created an environment where the developer could at least sell their houses and the people who are unable to get mortgages be housed.

Even if these changes just gave the market a soft landing, it would also save a number of jobs in the building, D.I.Y. and finance industry.

Time to lobby our MP’s again?

All the best

Russell



Comments

Mark Alexander

10:32 AM, 28th June 2016
About 2 years ago

Hi Russell

All excellent points and very well explained in plain and simple Engligh, well done! 😀

For members thinking about contacting their MP to make these points, please see the link below which explains how easy it is to do:-

http://www.parliament.uk/mps-lords-and-offices/mps/

Neil Patterson

11:15 AM, 28th June 2016
About 2 years ago

Save Developers Share prices too

Whiteskifreak Surrey

12:32 PM, 28th June 2016
About 2 years ago

Agree in principle with this short excellent article. However I had been in correspondence with my Conservative MP on this subject for months. Always getting the same amount of government tosh - not even from her but from Gauke, whom she contacted on my behalf. So if I write again I expect a reply that the matter is over (this is what she actually said).
We do not know what is happening inside the Parliament now, people are occupied with new PM election and generally Brexit. Perhaps it is better to wait until we have a new Chancellor, who might just want to make a good impression to do something to save the economy? I think banging again into GO's door might be a bit pointless. He is out. Will not grace us with his face anymore - I do not think I will miss him.
I might be wrong, please comment, but this is what springs to my mind. However if more experienced majority decides it is a good time, I am happy to write again to my MP.

Mandy Thomson

15:18 PM, 28th June 2016
About 2 years ago

Reply to the comment left by "Whiteskifreak Surrey" at "28/06/2016 - 12:32":

I'd second that. With all the uncertainty and turmoil in Parliament just now, this will be the last thing on Government and MP's minds, although it would be wise to ensure this isn't forgotten when the new Conservative administration comes in.

I have been following media reports on Brexit very closely since the result was announced, and haven't found ONE reference in the general media to landlords nor even very much on housing in general - funny that, when we're supposedly over run with immigrants to the point where our infrastructure can't cope!

Brexit has given a voice to those whom the establishment had ignored (older people and the disadvantaged). Landlords are another such group, and at least the anti landlord brigade is temporarily silenced - though whether the swing to the right will mean this now lessens remains to be seen.

For the record, when I say I'm glad there has been more of the swing to the right, I'm horrified and disgusted by all the nasty, small minded bigots who are attacking and harassing people in the street and on social media that the result has brought out of the woodwork. Even as a capitalist landlord, given the choice between living in such a Little Englander society, or living in a country ruled by a hard left administration, I know which I would choose.

Paul Hawkins

16:01 PM, 28th June 2016
About 2 years ago

I'm afraid that I don't see it that way.

Whilst foreign investors will benefit from the collapse in the pound, which might encourage them to pile into the UK housing market, in the short-medium term the chancellor will likely need to increase taxation, not decrease.

I would like to see the chancellor bring forward the reduction in corporation tax - currently set to reduce from 20% to 17% over the next 3 years, and perhaps even slash it down to 15% in order to continue to attract businesses to setup in the UK.

Continuing with the current plan of additional SDLT on second homes, and section 24 for LL's is an easy gain for the chancellor and will not see much protest from the general public - who see us LL's as the devil incarnate!

House prices . . . . what happens up or down, will very much depend upon if the rumoured 0.25% reduction takes place, and how much inflation rises with reference to the increased price of imports.

Despite Brexit, what still remains true is the under supply of housing stock versus the number of people looking to purchase/rent.

1:15 AM, 29th June 2016
About 2 years ago

Paul all the points you raise mirror my thoughts exactly. I am so angry with the short sightedness of so many who voted out. The government will now have to raise taxes and the increased stamp duty is an easy way to fill the coffers. I just sincerely hope that any rise in income tax down the road is across the board on the lower tax band and not targeted solely on higher income earners....as I believe everyone who got us into this position should share the burden.

andy adewale

9:53 AM, 29th June 2016
About 2 years ago

@Jim Taliadoros
You've made some important points which I agree with however, I believe that your anger with those who voted for Brexit is misplaced. The people we ought to be angry with are those who has got us into this crises. They are:

1. David Cameron and his allies who proceeded with the referendum with arrogance and reckless abandon in order to quash rebellion within his party as well as that of the growing UKIP - he could have done things very differently, with a different outcome and;
2. The political establishment, both here at home and in the EU who over a prolonged period failed to listen to the genuine concerns of the electorates and come up with citizen friendly policies.

It is a sad fact that DC's defference has allowed 17M people to decide the long-term fate of 61M people, but we are where we are for now.

As for our lobby against clause 24, I echo the opinions that our campaign would have a better audience as the new prime minister emerges, not now.


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