Could Section 24 be abolished?

Could Section 24 be abolished?

9:08 AM, 28th June 2024, About 3 months ago 8

Text Size

On Thursday we get to vote in the General Election to decide which political party will lead the country for the next 5 Years.

I am still not sure who I am going to vote for, so I have been reading the political party Manifestos, and have pulled together an election special episode of my Property Magic Podcast on which I discuss the property related pledges in the main political party manifestos.

Housing is a big focus in the political debate for this General Election and I highly recommend you make some time to familiarise yourself with what the main political parties are promising if they get elected into power.

For me, the big announcement from the Reform Party, is that they will be will abolish Section 24 if they get into power.

I doubt they will get into power, but this would be huge for property investors if they do.

Watch the video below


Share This Article


Comments

northern landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

14:54 PM, 28th June 2024, About 3 months ago

For whatever reason the Government has used a straw man policy where PRS landlords have been distorted into an extreme version of themselves that the Government has then attacked as if the straw man version was the real version. I don’t know why they did this unless it was to gain the support of people forced to rent who cannot afford a place of their own due to Government (in)actions. Labour are going to get in but all the major parties are on the landlord bashing bandwagon so there will be no sympathy. As for S24 being repealed, no chance, it affects relatively few so called “rich” people (the straw man landlord is rich as he leeches off of his tenants) and is based on appealing to the politics of envy just like VAT on school fees.

Stella

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:29 PM, 28th June 2024, About 3 months ago

if they were trying to get the tenant vote it will backfire, according to a recent survey only about 20% of tenants will vote Conservative.
Yes section 24 is most likely here to stay, it has helped BTR get a head start and apparently now even M&S are getting in on the act.
Bumpy road ahead!

Monty Bodkin

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

16:33 PM, 28th June 2024, About 3 months ago

Reply to the comment left by northern landlord at 28/06/2024 - 14:54
"I don’t know why they did this"

As Stella said, BTR.

For it to succeed they need to badly hurt private landlords, drive many of them out of business and push up rents.

They simply can't/couldn't compete.

Tenants are just collateral damage.

Monty Bodkin

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

16:35 PM, 28th June 2024, About 3 months ago

Reply to the comment left by Stella at 28/06/2024 - 15:29
https://england.shelter.org.uk/what_we_do/corporate_partners/marks_and_spencer

Marks & Spencer
A corporate partner of Shelter

Old Mrs Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

17:13 PM, 28th June 2024, About 3 months ago

Reply to the comment left by Stella at 28/06/2024 - 15:29It's not just the unfair S.24 tax on individual landlords which has given Build to Rent a head start, there was also the £1bn fund bribe the Government, using taxpayers' money, launched the concept with in direct competition to the small private landlord. I was reminded of this recently by the article on the NRLA site by their partners the Leaders Romans Group which listed BTR as the first of only two positive things they could think of that the fourteen years of Tory government had achieved! With friends like these. . . .

GlanACC

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

8:54 AM, 29th June 2024, About 3 months ago

No discussion needed, simple answer ins NO it won't be abolished

David Judd

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:33 AM, 29th June 2024, About 3 months ago

Blackrock, one of the largest fund managers in the world and also now entering the UK property market. The rental market is changing and you either sell up and get out and if you want an easier ride, perhaps buy Blackrock shares or hang in there and see what happens when Labour get in

GlanACC

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

19:21 PM, 29th June 2024, About 3 months ago

Reply to the comment left by David Judd at 29/06/2024 - 09:33
Blackrock are not interested in the tenants that most of us house, they are not interested in social housing and they tend to go for complexes and flats. So nothing to fear.

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More