Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Ros .” at “12/08/2015 – 16:49“:

Hi Ros
I have come across a very interestin/relevant website which goes into great detail about the taxation of rental income in Europe.
The website is http://www.treanor.co.uk and the report is Housing Markets – Taxing Rental Income – page 15.
It states: “In most Countries the returns from private rent are too small to attract commercial investors”
“Those that do purchase, do so for the long term capital growth rather than income”
“All countries permit deductions for Mortgage Interest, Management and Maintenance”
On most of these measures the UK taxes rented housing more heavily than home -ownership making its taxation the most biased against private rental of any country in Europe.

Reply to the comment left by “Darren Bell” at “12/08/2015 – 16:02“:

Hi Darren

https://www.property118.com/category/budget-2015-campaign/ is a list of all the
threads on the Property118 portal about this change. Each one has an introductory article.

This also links to http://saynotogeorge.co.uk/ which explains the how the change will affect various groups of people.

I would suggest that you start with the effect on tenants, as MP’s from every party should be concerned about people ending up homeless, especially those on benefits.

Reply to the comment left by “kathleen drea” at “12/08/2015 – 17:35“:

Well done for finding that one Kathleen. I’ll take a look at it and advise others to as well.
On another subject, I’ve just realised that submissions for the public committee – who are discussing the Finance Bill – should be in by 8th of September and apparently the earlier the better, as the committee members will all then have more time to take account of our arguments. I’m just doing my first draft. I think this is a real priority and the more people who do this, the better. I will paste my first draft here soon and if others can do the same we can build up a good picture of what has been submitted, by us, at any rate. I’d say we should all aim to get a submission to them within say a week or two from now. Some actual examples could be good to include. The maximum word count is 3,000, but I think short submissions could be really effective.

A good write by Pims. NOOOOOOOOOO not the drink.

http://www.pims.co.uk/news-article/tabloid_on_the_side_of_landlords_unfair_treatment

Reply to the comment left by “shakeel ahmad” at “12/08/2015 – 18:47“:

I couldn’t find that article, but found this about the petition, Ruhal and the campaign so far:

http://www.pims.co.uk/news-article/government_must_address_online_petition_to_re-instate_buy_to_let_tax_breaks/1559/

@Connie: try this for size.

https://dub127.mail.live.com/?tid=cmhAkZjQpB5RGSpQAjfeSmbA2&fid=flinbox

Had an email from one of the local agents (who I emailed about the petition etc 2 weeks ago) offering a property which would have been right up my street. My reply was along the lines of: “would love to, but in light of the recent budget announcements I am not currently in the market…”

I pointed them towards the fantastic saynotogeorge site and re-iterated how this affects us ‘all’ and to SHARE!

I will now be doing the same in reply to all property emails (land/auctions) as they come in as it seems to have concentrated the mind of this particular local agent far more than my email two weeks ago that they cannot recall!

The tide may be turning! I didn’t realise this article had been published on 1st of August:

http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11778574/Why-the-new-tax-on-buy-to-let-is-deeply-unfair.html

This is exactly the sort of sympathetic account we need. I am now about to send off an email to the journalist, Richard Dyson, asking him to please publish more articles and pointing him to all our resources, including the saynotogeorge website. I have also asked for his help in getting the Saturday Telegraph to begin a campaign for us. It’s worth asking.

Reply to the comment left by “kathleen drea” at “12/08/2015 – 17:35“:

Kathleen, might be my PC but I couldn’t find it in the link you posted, but google led me to:

http://www.treanor.co.uk/books/HousingPoliciesinEurope.pdf

Reply to the comment left by “Mark Shine” at “12/08/2015 – 17:02“:

Further James, I completely agree with the points you have made on a few occasions re LTD company legislation being a bit too hard for the Treasury to tackle at this point. However and apologies to any residential landlords who bought using a mortgage under the name of a LTD company and don’t want to give the Treasury ideas etc, but I imagine they have already considered this and decided to go for the easier option FIRST.

George Osborne is clearly after private landlord businesses. There’s no real difference between sole traders and LTD co residential landlords in terms of function. In both categories, many of those who will be affected in future will already have accountants, so the minor increased (tax deductible) accountancy workload would not make that much of a difference?

I don’t want to offend any LTD landlords here, but I do think it is a reasonable question to ask the Treasury (why split?). We already know the answer, but if incorporated and non-incorporated LLs can join forces now, it may strengthen what is likely to be a communal cause in a few years time, by which time it will be too late to do much about it?