General Election 8th June – Who on earth do landlords vote for?

Reply to the comment left by "Whiteskifreak Surrey" at "21/04/2017 - 12:58":

Exactly - so it would be a good swap - a hard-working Eastern European for a dole waller.

Reply to the comment left by "Cautious Landlord" at "21/04/2017 - 10:46":

@CL

Sorry I only just got back in to take a closer look at this. I think I am correct in the way s.24 works as your taxable income is not dependent on what interest you pay, however, the tax relief on interest is.

So an increase in interest paid of say £1,000 will not affect your taxable income (i.e. gross rental income less allowable non-finance costs), but you will get an additional 20% x £1,000 = £200 in tax relief. But of course, your actual profit will be down overall by £800 as you have paid an extra £1,00 0 in interest to your lender but your tax bill will only be £200 lower.

Reply to the comment left by "Luke P" at "19/04/2017 - 11:20":

Hi Luk

Great strategy, to make this Tory government listen we need to punish them the only way they seem to take any notice of! in the ballot box. They shouldn't get away treating us a cash cow with unfair taxes and the death of a thousand cuts by regulation, all apparently designed to give the big corporates a clear playing field. They used to be the party of small business and entrepreneurs!.

I am shocked by landlords saying they will still vote Conservative when they have done so much to damage us (natural supporters) and they have got away with it because none of the other parties are going to object. So what's to stop them moving the goalposts again and bringing in more tax for “small” Ltd landlords – there has been talk about treating small Ltds as sole traders for tax so its possible..

Ironically none of the other parties would have got away with this! just like the Blair Labour government started disability re-evaluations and benefit sanctions and no-one objected because they were supposed to be the party of benefits.

Some people are saying if I don't vote for them there will be a labour/lib dem government which will be worse. They are on target for a massive majority in the polls. You only have one (or your families votes). Some of us will have already decide who to vote for. But tactical voting allows you to protest and decide how much you risk your Conservative MP (if you have one or a good contender) is defeated. So to paraphrase Luks post;

**If you’re in a Labour *safe* seat, vote labour (if you really really want to worry them as it won't make any difference) or anyone but Conservative and make sure to tell your local Conservative candidate (to send a message to the Conservative party).

** If you’re in a Labour *marginal* seat, vote anyone but labour or conservative and tell your local Conservative candidate .

**If you’re in a Conservative *safe* seat, vote for the second party in the polls or anyone but Conservative and tell your local conservative candidate (to send a message to the conservative party).
**If you’re in a Conservative *marginal* seat, ask your candidates about clause 24 and their support for landlords, depending on their answer vote Conservative (if you must don't tell them) or another candidate who is more landlord friendly.

**If you’re in a Liberal Democrat *safe* seat ask your candidates about clause 24 and their support for landlords, depending on their answer vote Conservative, or anyone else.

**If you’re in a Liberal Democrat *marginal* seat ask your candidates about clause 24 and their support for landlords, depending on their answer vote Conservative, consider Lib Dem as a major spanking or anyone else.

**If you’re in an SNP seat, ask your candidates about clause 24 and their support for landlords, depending on their answer vote Conservative or another candidate who is more landlord friendly.

**If you’re in a Paid Cymru seat, ask your candidates about clause 24 and their support for landlords, depending on their answer vote Conservative(tell them) or another candidate who is more landlord friendly.

Having written all that the monster raving looney party is looking appealing!

Just a thought, if you are having local elections in your area as we are, a month before the general election, that would be a good time to scare the pants off them and vote for a different party.

Reply to the comment left by "Colin Dartnell" at "21/04/2017 - 20:22":

Very good point.

Reply to the comment left by "Gary Dully" at "21/04/2017 - 10:50":

Hi Gary

Barry is right. An increase in interest cost will not change the rental profit that HMRC will deem you to have made - because from 2020/21 they will leave finance costs out of their profit calculation completely.

They will add their deemed profit figure to your other income and work out the tax on the total.

Then they will deduct 20% of the finance costs from this tax figure as a “relief”, to arrive at the amount of tax payable.

So an increase in interest cost will not increase the deemed taxable profit, but it will increase the relief, which will thus reduce the amount of tax payable.

The best way to see this is by downloading the Property118 spreadsheet. If, on the Calculator worksheet, you increase the red figure for Interest and finance costs you will see that in the 2020 columns the Taxable income/profit does not change, but the figures for Tax relief on interest, and Total tax, do.

You can download the spreadsheet by going to https://www.property118.com/budget-2015-landlords-reactions/76164/ and clicking on the last two words of “To calculate the impact of this policy on your personal finances download this spreadsheet”, at the top of the article.

You should bring the tax bands up to date by changing the Personal allowance to £11,500 and the Basic rate band to £33,500, and then save the spreadsheet..

If you then enter your own real figures in the red boxes on the top three lines you will see how much extra tax you will be paying in 2020/21 thanks to S 24.

Reply to the comment left by "Appalled Landlord" at "21/04/2017 - 20:28":

This is something of a red herring. Even with the increased allowance with higher interest you will pay more tax than you would have before Clause 24

Reply to the comment left by "Colin Dartnell" at "21/04/2017 - 20:22":

We need a way of hinting to Mr Barwell, that there are more than 167 Landlords in Croydon - should he wish to reconsider Sec 24
( Before he's made redundant )

Our anger and potential tactics have been reported on here:

https://www.simplelandlordsinsurance.com/landlord-news/%E2%80%98betrayed%E2%80%99-landlords-urged-to-target-marginal-seat

Reply to the comment left by "Darlington Landlord" at "21/04/2017 - 20:43":

Oops what I should have said is that your real income after tax will be less than before clause 24