Summer Budget 2015 – Landlords Reactions

Not even a mention of clause 24. The stamp duty is crazy and will impact the south severely the areas in which many landords like myself operate a couple of grand on a deal can be swallowed what can’t be swallowed is the one we all know still getting swept under the carpet due to its sneaky ambiguous nature, untill the proverbial sxxt hits the fan in a few years

Hi

Just received this personal reply from Stephen Glover . My name I have deleted

Dear

Many thanks for your generous remarks, and also for your illuminating points. It is always a pleasure to know that one has the approval of people who know more about a subject than one does oneself.

Best Wishes,

Stephen

Hi

Followed it up on Ros’s Guardian link and NW Landlord comment. Quick email was sent to Simon Jenkins. If others would like to send emails address [email protected]
and cc [email protected]

Dear Mr Jenkins

Thank you for writing this article and not bashing us LL.. There was a lot of truth in it.

It would have been great if you had mentioned clause 24. This is what is going to drive the rents up. It is normal business/accountancy practise for expenses to be deducted and then pay tax on profits. This is allowed for every business. This is called the “Tenant tax” Landlords will have no choice but to raise the rents to pay the 100% tax GO is demanding. Where else is the landlord going to get the money from.

If GO wanted to bring this in, he should have said any new BUY to Let will be affected that way people can do their sums before starting their business/investment. For number of landlords including myself this is a full time job/business. We have no other full or part time jobs or give it agents to manage. We manage it ourselves. The only difference is we are not incorporated. If we were to we would be still doing exactly the same thing. Same activity would be continued.

I have tenants whose rents have not been increased for years. These are not rich people. They can barely scrap together the rent now. I feel awful saying I have no choice but to increase the rent and that I am only a collector. Nothing is going to go in my pocket. These people will end up leaving/forced to leave because of the rent arrears. They will be housed by the council in BB which will cost the tax payer even more. Tenants will be unhappy living in BB, tax payer will end up paying more, LL will be no better off. GO thinks LL are making the money let me squeeze it out of them. This is a very short sighted of him. This is “Tenant tax” doing it through the back door.

This situation happened in Ireland. Exactly THE SAME . They had to reverse it but damage was already done.

Buy to Landlords are in no way in competition. Some of the properties private first timer would not buy. Some 1st timers have no deposit and banks would not lend. Some young do not want to buy. So his argument is rubbish Level playing field.

Buy to Let landlords pay capital gains tax and income tax where home owners do not. LL pay repairs, elect certs,gas certs, higher interest rates,higher insurances,court fees. LL take risks on tenants paying rents, void periods, damage to property,etc.

This guy GO definitely does not know what he is doing and some one should give him section 21 notice immediately.

Regards

Reply to the comment left by “Eden Lan” at “01/04/2016 – 15:56“:

Thanks for that EL. It is so helpful when people put the email address there as we can then copy it straight over and adapt previous emails. I just did this with the Simon Jenkins email address – amending the email I sent to Stephen Glover. I invited the latter to the Summit in June and he has expressed interest in attending, which is great news.

In terms of the Simon Jenkins article it is the most positive I have seen in the Guardian.

Reply to the comment left by “Eden Lan” at “01/04/2016 – 15:41“:

I received the same; word for word 🙂

Hi Rachel

May be I should amend the bit about being a ” personal message”
Ha Ha
I got a generic message from Guardian

Hi

There is a page in Landlord & Buy to Let mag March 2016 about homeless people and crisis. I have scaned it but don’t know how to attach here. It is interesting that they want to support landlords but I think few weeks ago when we were writing to them ,we were just getting generic replies. They must be feeling the effect. May be we need to write to another person there. How do I attach?

Hi

I found a link where you can read . Page 2 and 24 . I do not need to attach

Go on this one and select current issue or as below direct
https://sites.google.com/a/propertynet.media/landlord-buy-to-let-magazine/

http://www.joomag.com/magazine/landlord-buy-to-let-magazine-issue-64-march-2016/0829384001457627851?short

We have a disastrous housing policy, blaming landlords will do nothing to alter this.

A landlord cannot sell a house unless they pay 28% capital gains tax, so don’t sell, can’t buy a house unless they pay 5% stamp duty and can’t make a living if they have a mortgage because they are not allowed to write off mortgage tax relief, what sort of policy is that?

Reply to the comment left by “Simon Hall” at “01/04/2016 – 19:43“:

Funnily enough, the govt wants us to lose our houses to FTBs – allegedly – but then make absolutely certain that we won’t or can’t release our houses onto the market because of their stance on our CGT! I think it’s perfectly clear they haven’t the slightest interest in releasing our homes to FTBs, only in releasing the tax money they can get their hands on. Perhaps they could explain why they have effectively DENIED FTBs this opportunity to buy a landlord’s house?