Summer Budget 2015 – Landlords Reactions

got a call today and there is an appointment come free and so I meeting MP today at 4pm – desperately looking for quotes from CFO’s economists and financial brains etc that say the proposal is bad news and or will only serve to increase rents and will not meet stated objectives.

I am doing crib notes as i type and would really appreciate any help from anyone how has theses quotes to hand

Fingers crossed

Reply to the comment left by “Kathy Evans” at “11/09/2015 – 14:46“:

Thanks Kathy, that’s very good to know!

Reply to the comment left by “Mark Brown” at “11/09/2015 – 14:53“:

The Institute of Fiscal Studies: the Director said the decision was ‘plain wrong,’ and that of course the costs of running a business must be offsettable The IFS also said that owner-occupiers enjoy a tax advantage over landlords – and there are reports we can find which show this to be the case – and how house price rises are largely down to the massive tax advantage enjoyed by owner-occupiers.

Professor Philip Booth, economist and Director of the Institute of Economic Affairs and witness, with IFS Director at the Treasury Select Committee on the Finance Bill said the decision ‘didn’t make sense’ and wrote an article in February criticising this Green Party proposal and pointing out how unfair it was (I can forward the reference if needed).

Professor of Taxation at Oxford University, Michael Devereux said: “If you are trying to tax profit you have to give relief for the cost of earning it.”

The principle of taxing turnover instead of profit is wrong and sends a bad signal to other investors and businesses

The principle of taxing individuals (sole traders) more via this turnover tax will in time lead to the housing stock being held by corporates and corporates can hold onto a house for a thousand years whereas individuals have to sell before death/retirement/ill-heath. That means in time with corporates holding onto rentals there could well be a lot less tax receipts from stamp duty and legal and professional fees.

I don’t think a need to appeal to possible higher rents hurting tenants are needed. Landlords are people too and treating them unfairly is also unjust

Reply to the comment left by “Ros .” at “11/09/2015 – 15:21“:

Home buyers can now get the equivalent of 95% mortgages again, too. Well, 75% mortgage and 20% help to buy loan.

Reply to the comment left by “Mark Brown” at “11/09/2015 – 14:53“:

Good one Mark, At least your MP cares. I feel ashamed to have voted for mine.

Reply to the comment left by “Kathy Evans” at “11/09/2015 – 15:52“:

They days of 95% mortgages…. When I first arrived in the UK as I hadn’t been resident long enough the banks would only offer 90% LTV even then I thought that was generous.
However if it helps OO’s moving home or purchasing their first home then that’s great, I would never begrudge anyone purchasing their own bricks and mortar. However I’m sure that means OO’s or first time buyers have an finance advantage on the purchase?

Message received today from SAL:

New tax survey: deadline Wed 16 Sept

The Scottish Association of Landlords (SAL) has been working with the Residential Landlords Association (RLA) on a joint campaign to fight tax reforms that apply to all UK landlords. The RLA has commissioned professional researchers to conduct a survey on the affect this might have on the market and the attitudes of UK landlords. Working with SAL, the RLA have included some specific questions relating to landlords operating in Scotland.

SAL and the RLA have been asked by HM Treasury to put forward proposals that help support the UK government’s objective to increase housing supply. SAL chief executive will be meeting with HM Treasury officials next week in London to discuss such proposals.

To help us gather as much information as possible both SAL and the RLA would like you to take a few minutes to complete the survey http://www.djsresearch.co.uk/landlordsresearch

This is a new joint survey so even if you already filled in the first SAL survey, please take time to carry out this one as well. The survey closes on Wednesday 16 September.

SAL needs you to let us know about how the tax changes will directly affect your lettings business. If you would like to take part in the telephone interviews conducted by DJS Research, then please email [email protected]

Message received today from SAL:

New tax survey: deadline Wed 16 Sept

The Scottish Association of Landlords (SAL) has been working with the Residential Landlords Association (RLA) on a joint campaign to fight tax reforms that apply to all UK landlords. The RLA has commissioned professional researchers to conduct a survey on the affect this might have on the market and the attitudes of UK landlords. Working with SAL, the RLA have included some specific questions relating to landlords operating in Scotland.

SAL and the RLA have been asked by HM Treasury to put forward proposals that help support the UK government’s objective to increase housing supply. SAL chief executive will be meeting with HM Treasury officials next week in London to discuss such proposals.

To help us gather as much information as possible both SAL and the RLA would like you to take a few minutes to complete the survey http://www.djsresearch.co.uk/landlordsresearch

This is a new joint survey so even if you already filled in the first SAL survey, please take time to carry out this one as well. The survey closes on Wednesday 16 September.

SAL needs you to let us know about how the tax changes will directly affect your lettings business. If you would like to take part in the telephone interviews conducted by DJS Research, then please email [email protected]

There was a question in Parliament yesterday about the affect housing benefit has on private sector rents. The Government has admitted it has not assessed the impact.

http://www.theyworkforyou.com/wrans/?id=2015-09-07.9149.h&s=PRIVATE+RENTED+HOUSING

It seems to me the Government knows very little about the private rented sector.