Summer Budget 2015 – Landlords Reactions

This is just an unfair tax, aimed at one sector of business and will ruin many individuals. I am not in it so deep that it will affect me to the extent that it will others, and I have various options. Thousands of other landlords do not. They have invested time and money. They should not be persecuted; rather, they should be commended for having the initiative.

THE PETITION

I will speak to Ruhal and Ros again tomorrow once they have spoken to the petition office.

I understand the various points of view on both sides, i.e. retain Ruhals petition and replace it.

All is not as it appears, the conversations that I have had with both Ruhal and Ros are much deeper and personal than have been expressed here.

One thing is for certain, this needs to be sorted quickly but that is down to the petitions office. If they prevaricate we might have a problem, especially if Ruhal's petition gets thousands of votes and the personal scrutiny into his life and beliefs escalate and the abuse he receives gets to a point where he wants to have the petition removed. Those of you following this thread will be aware of the vicious racist comments that have been posted on at least one other forum about my wife - it is a cruel world out there folks. Some difficult decisions may need to be made.
.

Reply to the comment left by "Connie Cheuk" at "29/07/2015 - 22:41":

Absolutely, Connie. I will be badly affected and could have a lot of my efforts of the last 20 years wiped out, not because of over-stretching myself. I was ambitious, but my model works well under current rules. This change was a bolt from the blue, is illogical, unfair and discriminatory and just 'plain wrong' as one of the most respected organisations in this country has said - the IFS - who are seen by the Government as their key, independent economic advisers.
I don't believe I will be ruined - I may be able to sell and break even on most properties, I may be able to pay the CGT, I may have some money left over, I may not lose my family home. I can't be certain because according to the new rules the amount I could be taxed is infinite - in inverse proportion to what I earn!! Wow! What a brilliant idea! But I also know of others who will definitely be ruined and I fear for and empathise with them. This oculd kill people - when tenants from hell have caused me terrible stress I have worried about the long term effects on my health. This is far, far worse and will be devastating and catastrophic for many.

Hello all

I am aware that some are not happy with the wording on the petition and others do not agree with the wording on the proposed one. Having taken all your comments into consideration, I think it is fair to say that both sides have made very valid points.

As the draftsman of the original petition, I would like to remain impartial. However, what I would like to say is that we need to stick together. Although I drafted the petition, it belongs to everyone affected.

The relevant office has already been requested to replace my petition and this happened a number of hours ago. If we are told that the petition cannot be removed, it is of paramount importance that we work together in to order push the existing petition forward. If the proposed one replaces the existing petition, it is equally important that we push the new petition forward together.

I hope you will all agree.

Reply to the comment left by "Mark Shine" at "29/07/2015 - 20:55":

Well, the government has to be seen to be doing something else to help first time buyers. A great deal of finance has been allocated to their help-to-buy schemes.

And yes, there is the deficit.

It wouldn't matter what sort of finance as finance offset against income was only calculated on interest. The lenders don't mind interest only - there are many products on offer - so why should the government. This tax is just to take a big chunk out of private landlords, instead of recognising the service they provide. I grew up watching council stock being sold off cheaply, buy to let flooding London and driving up prices. The government / governments allowed this to happen for over twenty years. They created the housing crisis. Landlords capitalised on it, but as with all businesses - a gap (very large) in the market.

Reply to the comment left by "Ruhal Uddin" at "29/07/2015 - 22:55":

Absolutely, Ruhal. Many of us have held off signing. We will wait and see, but as you have stressed, we need to stick together.

Reply to the comment left by "Ruhal Uddin" at "29/07/2015 - 22:55":

Well said Ruhal 🙂
.

Reply to the comment left by "Ros ." at "29/07/2015 - 22:54":

The principle itself is insane. If we simply accept it, this may well be rolled out to other businesses. Politicians can be wrong - oh, very wrong. In reality, they should be serving us; we are their voters and should be heard.

Reply to the comment left by "Ruhal Uddin" at "29/07/2015 - 22:55":

Well said Ruhal! You appear to be a true gent. However we are also dealing with govts desire to fill the budget deficit ASAP and as easily as poss... as well as general political gain shenanigans as a proportion of the electorate appear to be against non-incorporated LLs as also displayed by that 'other' forum, so their petitions dept might not be so keen to help expedite this.

That said, assuming the govt are fair I would be very surprised if the govt petitions website people refuse to have the petition replaced tomorrow morning?

Reply to the comment left by "Ruhal Uddin" at "29/07/2015 - 22:55":

Agree Rahul, very well said. You have earned respect already on this Forum.