Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Dom ” at “04/08/2015 – 18:01“:

Hi Dom.
I had the exact same reply as you from the DPS. I have now sent off another email to them: (if you like you can copy it word for word and then we’ll be as annoying as them!)

Hi Kate.
My only concern is that I have never seen your Open House communication and I have many deposits registered with yourselves. Also, if the communication just states the issue as the Chancellor described it and as many journalists who don’t understand the impact of it have been reporting, then you will be doing an extreme disservice to your landlords by not making them aware of this. It is going to be particularly devastating to portfolio landlords with BTL mortgages, but will affect many of the smaller operators too. It is also grossly unfair, illogical and discriminatory. The Institute of Fiscal Studies, which is impartial, independent and advises the Government has had its concerns about it ignored. It said it was ‘plain wrong’ and that of course business costs should be offsettable. Professor Devereux, an expert in taxation and Professor Philip Booth, a top economist and adviser to the Government have also said that it ‘makes no sense.’
It is a complicated subject and unfortunately the gravity of it has been misrepresented. It is for this reason that a group of landlords on ‘Property118’ have been vociferously opposing it. We really hope that as a key stakeholder the DPS can take on a greater role. You will find more information here:

Restricting finance cost relief for individual landlords

Maybe, you could get back to me regarding these concerns?
Yours sincerely.

I’ve had a very good response from people today regarding contacting their MPs. If anyone is reading this and hasn’t yet written to theirs, please look at the sample letters (if Mark reads this I’m sure he can provide the link) and get on with it! Then, please let me know on the thread: ‘Why you need to contact your MP).
It honestly won’t take you long at all if you copy one of the sample letters and just amend it to suit you.
Thanks in advance.

Reply to the comment left by “Technology Entrepreneur” at “04/08/2015 – 08:01“:

Hi Entrepreneur

You have a very interesting viewpoint: We should do what George Osborne wants us to do. We should do what HMRC wants us to do.

This is state direction of the economy. Did you take this from the communist party manifesto?

That part of your post is sinister, but the rest is silly.

Of course landlords buy furniture, fridges, ovens, lawnmowers etc.

“We provide a valuable service” is not a smokescreen – it is an understatement. We provide an essential service. Where else would our tenants live – hotels, B&B’s, hostels, the workhouse?

You think it is the duty of a citizen to make the country richer. This is very strange, coming from an actual entrepreneur. The entrepreneurs that I know of made themselves vastly richer – and then became tax exiles.

I suspect that you did not start a business so that you could employ 7 people or make the country richer. You started a business to become richer yourself, and you need these 7 people to make you so.

You are suggesting that we should sell our properties and start exporting something. Sheer bloody nonsense.

You are posing a false comparison. Both activities are needed, and one does not exclude the other.

However, the whole thrust of your post is that what you do is more important than what we do. I suspect that our customers would prefer what we provide to what you provide if they had to choose between them..

Your choice of original pseudonym “Actual Entrepreneur” demonstrates your feeling of superiority.

Reply to the comment left by “Connie Cheuk” at “04/08/2015 – 19:13“:

Hi Connie

“The Chancellor did, however, invite research from the RLA on the impact of the changes”.

I wonder if this is because the Treasury’s research was inadequate.

The least the RLA should push for is that the change only apply to new debt.

Reply to the comment left by “Ros .” at “04/08/2015 – 21:10“:

Hi Ros,
In addition to my original reply to Kate, as suggested (for what it’s worth), I’ve resent your response.

Reply to the comment left by “Appalled Landlord” at “04/08/2015 – 22:37“:

Yes, I did email Mark to say that it seems they are unsure of the impact of change. Could be they speculated, poorly – so first and foremost, we can present our findings, BTL IS’ Q&A with the examples of the impact, calculated examples of shocking percentages. We need to work with RLA and not be excluded.

The argument for this to apply to new debt only could be the way to go, but that ought to be a natural conclusion, as too many landlords will be bankrupt! I am hoping this is the start of the consultation process and I do hope that this leads to modifications.

In any case, I hope they keep Mark informed of developments and will agree to our input. I did send a very polite and grateful email back, graciously thanking for the communication and update.

GReply to the comment left by “Dom ” at “04/08/2015 – 19:22“:

There are some positives in the email, for example they want landlords to be recognised as providing a valuable service and that it is a business. I’m sure the email has been diluted and are not representative of all of the landlords’ or the Chairman’s views. Likely, too, this chap has just been asked to relay progress to me and didn’t want it to contain all their heated debates. A bit lukewarm as a result, admittedly.

I hope their full report to the Treasury has plenty of guts behind it. In any case, I hope they accept our input to add some guts to it!

If you do join, you could work from within and ensure they present realistic and compelling findings to put an end to this

Reply to the comment left by “Connie Cheuk” at “04/08/2015 – 23:07“:

Landlord membership cost £79.99
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Reply to the comment left by “Mark Alexander” at “04/08/2015 – 23:10“:

We could do a whip-round and get Dom in 🙂 I’m skint after the boiler service. Where are these rich landlords I keep hearing about? 😀 or perhaps the REAL entrepreneurs out there could throw us some crumbs 😉

Reply to the comment left by “Connie Cheuk” at “04/08/2015 – 23:13“:

I’m sure Dom can afford £79.95 – it’s not 2020 just yet LOL
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