Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 12:50“:

Hi Jerry

That is a stroke of absolute genius!

How did you discover his expenses and staffing costs?

I think we should all find out the corresponding figures for our own MP’s, and send them a similar letter.

Just a couple of points:

I would say “Great British Public than landlords’ interest (or finance costs)”, rather
than “income”.

And the figures would be easier to read if you put commas in.

Perhaps you could also tell him that we cannot offset our finance costs against income. It is not like MIRAS.

Rent received is not our income, it is our turnover. No enterprise in the UK pays tax on turnover.

Our interest is a cost that we pay on loans taken out to buy assets that yield taxable profit. It is allowed as a deduction in calculating our profit, just as it is in every other country in the G7 and in every other business in the UK. However, The Chancellor proposes to disallow it.

To his eternal shame, George Osborne has adopted the proposal of a far left-winger who wants to expropriate our assets – Natalie Bennett. She was unable to justify this proposal before the general election. None of the varying explanations put forward by Osborne or the Treasury stands up to scrutiny, including what you put in your reply, because it is simply unjustifiable.

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 12:50“:

Hi Jerry.
I think this is so great that we need to try and get it covered in the Press – maybe we can try Richard Dyson??

All MPs’ expenses are a matter of public record:

http://www.parliamentary-standards.org.uk/

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 12:50“:

Absolutely brilliant!

The last paragraph…1st line…
‘The figures are actually far worse than that for many landlords,’ I think should read…

The figures are actually far worse for many landlords

I’ve just had the standard reply from my MP, who had forwarded my letter to George Osborne. He sent me the reply from David Gauke MP the Minister responsible at HM Treasury, which was the normal standard reply about level playing fields.

I may well use your letter as a template for the reply!

A good FOI request would be to find out how many MPs rent property from another MP

Since the change to expenses as a result of the scandal, I rather think that many MPs that were buying a London property on our bill simply did a swap with another MP and that they rent each other’s flat / house… of course claiming all the rent on expenses as per the new policy

We are still buying London properties for MPs, just that they aren’t living in the one they are buying just now.

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 14:38“:

As is the Register of Members Financial Interests where you can ascertain that many MPs including John Penrose are declaring rental income in excess of £10,000 a year

How much in excess ?? or whether they are using finance ??

http://www.publications.parliament.uk/pa/cm/cmregmem/contents1516.htm

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 12:50“:

Not sure if I’m going mad…
doesn’t the staffing costs come out of his take home pay after tax?

So: Salary £74K les Tax Liability of £47200 giving take home of £26800.
The Salary bill of £111,000 surely has to be paid from the £26800?

If that’s the case it’s an even better example….but my brain could definitely be addled.

Ros – silly idea suggestion – worth pursuing Martin Lewis, as he loves a money campaign fight and last year sought to help homeowners who were being trapped into higher rates of lending due to the tightening up/regulating of mortgage lending? Jerry Jones that has made me chuckle today.

Sneak preview of a press release being sent out tomorrow to subscribers of Estate Agent Today and Letting Agent Today. I’m sure I’m going to get some men in black suits knocking on my door before long – Georgies boys.

https://www.estateagenttoday.co.uk/industry-views/2015/8/say-no-to-george-before-housing-crisis

Reply to the comment left by “Jerry Jones” at “21/08/2015 – 12:50“:

Superb, Jerry. Simple and clever.