Summer Budget 2015 – Landlords Reactions

I commented on Mark A’s radio interview string a few days ago. The “noble” W.B. – who are honoring refunds to ALL affected borrowers may find it a cheap way to save some face and regain some credibility. The ones who joined the fight took a huge risk on the behalf of those who sat back and did nothing. Many will have a conscience and a windfall at the same time.

What if Mark A wrote to W.B. and asked if they would be willing to include the request in the letters they are about to send out anyway? Is it worth the ask? We could be surprised. A bit like when boxers hug at the end of a fight. If they refuse then at least it will tell us all something. It would be good to hear your thoughts Mark. A.?

Reply to the comment left by “Chris Novice Shark Bait” at “13/06/2016 – 10:06“:

What about the West Brom themselves taking the initiative, and as a way of sincere apology to make a substantial donation to the Tenant Tax fund. That would show respect for their customers!

Posted this on RLA site

West Bromwich borrowers £27.5m windfall

Thanks to Mark from property118 and his team for this victory. Some 300 to 400 borrowers and others had contributed to the legal fund to fight this battle.

Some reports suggest that 6,415 affected West Brom borrowers will be sharing the £27.5m. It’s great news for the borrowers but not very fair as not all had contributed to the legal fund. However the winners can make up for it NOW by contributing to http://www.crowdjustice.co.uk/case/tenanttax/

Your way of saying “Thank you so much” by contributing to the above cause.

Reply to the comment left by “Jim S” at “13/06/2016 – 16:18“:

Jim: they might be unlikely to use their own initiative as you suggest, even though it would be a wise move in their interest to now do so if they ever want to consider re-entering the market and lending to private LLs in the future.

Mark A (& other WB client case ‘winners’); Any thoughts on Chris’s above suggestion?

Ps I realise they have probably already sent out the initial refund letters, but imagine they could send a further communication re JR to all their BTL clients with not much more than a couple of clicks?

If we all agree this is a good idea, who should approach W.B?

I think it would be best coming from M.A or Cotswold Barristers. I have posted the idea which is gathering wide appeal on the secure site. so far no takers.

HI
The below was on RLA E-news today. Copied and pasted

Lords unite to challenge unfair MIR plans

14 Jun 2016 Posted by RLA

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A group of Tory peers has urged George Osborne to rethink plans to cut Mortgage Interest Relief for landlords.

In an article for The Times Lord Flight, Lord Howard, Lord Lytton and Lord Cathcart say the Government’s assault on private-sector landlords is ‘misguided’ and will make the UK housing crisis worse, forcing up rents and making it harder than ever for tenants to save for a deposit.

The Lords challenge the chancellor’s claim that restricting Mortgage Interest Relief for landlords to the basic rate of income tax, will ‘level the playing field’ between landlords and homeowners.

They also quote the findings of an RLA survey of more than 1,200 landlords, which revealed that of those paying the basic rate of income tax, more than 60 per cent said that the changes would push them into a higher rate of tax despite their income not increasing.

For Times subscribers the article can be accessed by clicking here.

Herewith the link
http://www.thetimes.co.uk/redbox/topic/tory-policies/punishing-landlords-will-not-help-more-people-onto-the-property-ladder.

Guys, this may not be relevant to this post but I wonder if any of you could comment on this. After long battle, I have managed to get eviction 14 days possession order with my tenant yesterday.

I am not sure, if I can instruct the bailiffs now or do I have to wait once 14 days have expired? Thanks in anticipation.

Hi guys.
A very promising find here:

https://www.landlordtoday.co.uk/breaking-news/2016/6/buy-to-let-investors-now-have-one-eye-on-overseas-markets
She commented: “Each country has different tax laws relating to property and they can change quickly, with little warning. For example, in 2012 the French government imposed a 15.5% social charge on capital gains from the sale of second homes or rental income – a measure which was estimated to bring in €250m [£193.4m] a year. Tax on rental income rose overnight, from 20% to 35.5%, while capital gains tax on property sales rose from 19% to 34.5%.

“This onerous tax measure overturned in 2015 by the European Union’s top court, who deemed it illegal and ordered the French government to reimburse tens of millions of euros to British and other EU non-resident owners, who rented or sold their properties in the past two to three years.