Summer Budget 2015 – Landlords Reactions
2:00 PM, 8th July 2015, 11 years ago
9619
Categories:
The concern is;
Budget proposals to “restrict finance cost relief to individual landlords”. 
To calculate the impact of this policy on your personal finances download this software
Tags:
Budget 2015 Campaign
9,619 comments on this article
Learn from your peers’ experience
A different perspective could help you spot an issue, avoid a mistake or find a better way forward. Read the comments and add your own views if you wish.
Member Since September 2016 - Comments: 2533 - Articles: 73
10:12 PM, 23rd September 2015, About 11 years ago
The RLA is fighting on, I am pleased to say. I like their new expression – ‘the tax bombshell.’
http://news.rla.org.uk/landlords-face-tax-bombshell/#comment-752104
I also liked Rosie Taylor’s expression in the Daily Mail yesterday – she called it ‘government interference.’
http://www.dailymail.co.uk/news/article-3244032/Housing-bubble-fear-UK-s-200billion-buy-let-borrowing-Homes-market-hit-rate-rise-interference-Government.html
The Daily Mail’s coverage has been very poor, but I wrote to her two weeks ago, spelling out all the arguments and urging her to cover it and, while she hasn’t yet got the ‘tax on turnover’ bit, I think she and others are coming around (I don’t want to tempt fate though).
I have noticed the attention is switching away from scapegoating landlords for everything – they’ve been scapegoating elderly ‘home-blockers’ this week! Although, of course, that sparked outrage in the Mail. I’ve written to some of the journalists today in the hope they can express a bit of outrage on our behalf too. I would encourage others to write in to their finance journalists too and those on other papers. We need to wear them down with the force of our arguments.
Member Since July 2015 - Comments: 280 - Articles: 11
10:50 PM, 23rd September 2015, About 11 years ago
David Gauke was asked how many basic rate tax payers would be moved in to the higher rate tax band as a result of the tax change.
Here is his answer.
http://www.theyworkforyou.com/wrans/?id=2015-09-14.10113.h&s=finance+cost+relief#g10113.r0
A more honest answer would have been ‘I haven’t a clue’.
Member Since September 2016 - Comments: 2533 - Articles: 73
11:29 PM, 23rd September 2015, About 11 years ago
Reply to the comment left by “BTL INVESTOR SCOTLAND” at “23/09/2015 – 22:50“:
Shameless fool.
Good on James’ MP though! Well done James.
Everyone: go in and click on that ‘no’ button. Because no, he didn’t answer the bloody question – which, incidentally, the RLA HAS answered and it is in the link in my previous post. The answer according to their survey is 60%.
Member Since October 2013 - Comments: 1020 - Articles: 47
12:22 AM, 24th September 2015, About 11 years ago
Reply to the comment left by “Ros .” at “23/09/2015 – 23:29“:
Hi Ros
David Gauke got away with it because the question related to the future. If the MP were to follow up this non-answer with:
“To ask Mr Chancellor of the Exchequer, how many lower rate income tax payers would have been moved into the higher rate if finance costs had been disallowed in 2013/14, and how many properties did these tax payers say they had”
then it should be a simple matter of extracting the information from HMRC’s data base.
Member Since September 2013 - Comments: 771
7:51 AM, 24th September 2015, About 11 years ago
Reply to the comment left by “Appalled Landlord” at “24/09/2015 – 00:22“:
That a very good question.
Ros maybe we should ask this in the letter to the finance committee?
Member Since August 2015 - Comments: 139
8:36 AM, 24th September 2015, About 11 years ago
A little late, but the NLA are now starting to take this seriously. They are calling it the ‘Turnover Tax’.
http://www.landlords.org.uk/news-campaigns/news/overturn-the-turnover-tax
Member Since September 2015 - Comments: 1038
9:16 AM, 24th September 2015, About 11 years ago
Reply to the comment left by “BTL INVESTOR SCOTLAND” at “23/09/2015 – 22:50“:
David Gauke trips out this stock reply so often that I now think even he believes this crap (excuse my language).
He must believe that if he trips this out often enough people will believe it too.
Member Since May 2015 - Comments: 2322 - Articles: 2
9:42 AM, 24th September 2015, About 11 years ago
Reply to the comment left by “Manchester Landlord” at “24/09/2015 – 08:36“:
I much prefer the expression ‘Alice tax’, for it evokes the intellect which proposed it, although I concur that ‘Turnover tax’ is an apt description.
Member Since August 2015 - Comments: 335
10:02 AM, 24th September 2015, About 11 years ago
Reply to the comment left by “David Price” at “24/09/2015 – 09:42“:
Ditto.
Comments: 109
10:04 AM, 24th September 2015, About 11 years ago
Sorry if this is already covered elsewhere
I was thinking about The typical anti BTL arguments we’ve all heard many times about fairer tax system, level playing field etc and in particular… “If I borrow to invest in shares I don’t get any tax relief – so why should Landlords?”
My normal response up to now is that BTL is a business and takes a lot more time, involvement, phone calls about no hot water etc which you don’t get when buying shares.
But then I thought some more and just googled BP as an example. Last year BP offset £1,500,000,000 of interest against tax. As shareholders these investors are owners in the company so they have already had tax relief on their borrowings. And plenty of it.