Iain Duncan Smith Has Spoken Out For Landlords

Iain Duncan Smith Has Spoken Out For Landlords

22:06 PM, 21st June 2017, About 4 years ago 163

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On Sunday 18th June 2017, Iain Duncan Smith was quoted by the Sunday Telegraph as saying ….

“Finally, it is time to look again at the way we treat private landlords who buy houses to rent. George Osborne’s decisions to impose a stamp duty levy on the purchase of homes to rent, to restrict mortgage interest relief to the basic rate of income tax and to tax a landlord’s turnover rather than profits have led to landlords scaling back or even leaving the sector altogether.
They are a significant provider of the additional housing we need. We should be encouraging them with devices such as VAT relief on conversions or even capital allowances, not punishing them. It’s no wonder buy-to-let purchases have fallen dramatically. If the purpose was to stop foreign owners buying up property and leaving it empty

…………………………………………………. We are in danger of throwing the baby out with the bath water.”



Comments

by Benji Rock

23:04 PM, 15th July 2017, About 4 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2017 - 08:00":

Rt Hon Iain Duncan Smith MP
Cc Nus Ghani MP

Dear Sir

I have just read on Property 118 that you recently wrote an article in the Telegraph supporting landlords. I would like to express my sincere thanks. At last sense prevails and a high ranking Conservative MP recognises our plight and has spoken out on our behalf. Please, may I request that you ask the Chancellor to reconsider the new tax regime and taxing buy to let on turnover. This surely is unfair as we have legitimate business expenses, no other business in the UK are taxed on turnover. I am a Conservative but all this nonsense with buy to let and the suggested manifesto is attacking our core conservative beliefs. We are middle class and simply striving to work hard to support our families - traditional conservative values

Are the few ‘rogue’ landlords misrepresenting the core of responsible landlords? It is unbelievable that there are so many of us who provide a really good service to our tenants that the Conservative Party don’t seem to recognise this? Is it a case of the few spoiling it for the many responsible landlords?

I am a parent, work part time and pay my taxes. Because I can no longer pursue my previous career I was fortunate enough to be able to invest in a couple of properties to compensate for a change in circumstances and to be able to plan supporting our family with very long term retirement planning through buy to let. My couple of houses (intentionally) are rented to single Mums who are on housing benefits. They had genuine and real trouble securing long term accommodation and I helped provide it. Why do the treasury think we are all rogues? I am genuinely helping families in need, I completely refurbished the houses to a higher standard than my own. I do not wish to raise rents to compensate for government tax planning and this unjust raid on buy to let landlords.

Our agent has already said he will pass on all the fees to us, which will affect the rent.

I am still working out the full implications of the new tax regime but really can not understand why we are the only business in the UK which has to pay tax on turnover and not on profit? If it was the higher rate tax element could that have been addressed directly and not the whole community of responsible buy to let landlords. I am truly hoping that I can weather this storm so that I may be able to continue to support these Mum’s who really needed my help to put a roof over their heads.

Thank you so much for raising the unfairness of the policy and I hope you are able to continue pursuing this being addressed fairly for the benefit of responsible landlords. I really hope the Chancellor and Treasury address this urgently and in the Autumn Statement, it seems they are targeting core voters which should be avoided at all costs in these difficult times. Thank you for taking the time to read my email and I really hope we hear better positive news in the near future.

With kind regards

by Dr Monty Drawbridge

13:56 PM, 16th July 2017, About 4 years ago

Has anyone who wrote to him outlining their issues and expressing their thanks for his support received any response? I haven't.

(I haven't checked back through the previous pages as it's running a tad slow).

by Whiteskifreak Surrey

11:26 AM, 17th July 2017, About 4 years ago

Interesting article in Property Industry eye today: http://www.propertyindustryeye.com/housing-ministers-wife-is-a-private-landlord-declared-as-interest-by-alok-sharma/
So the wife is a landlord. - I bet she own a house/flat outright, so not affected... But maybe not.
Dear Minister seems to be completely unaware what is happening and what the real scale of the problem is...
Of course the mantra is to build more houses, as it would happen overnight.
Was he sent Ros Report? Has anyone contacted him?

by NW Landlord

14:44 PM, 5th August 2017, About 4 years ago

Interesting article in gaurdian about buy to leave in the middle it mentions the rowntree foundation being alarmed at the number of evictions in the PRS but very little mention the main reason we all know

https://www.theguardian.com/commentisfree/2017/aug/03/buy-to-leave-housing-investment-policy

by NW Landlord

14:44 PM, 5th August 2017, About 4 years ago

Interesting article in gaurdian about buy to leave in the middle it mentions the rowntree foundation being alarmed at the number of evictions in the PRS but very little mention the main reason we all know

https://www.theguardian.com/commentisfree/2017/aug/03/buy-to-leave-housing-investment-policy

by Landlord Investment Show

14:00 PM, 8th August 2017, About 4 years ago

Since the Expert Property Panel at our June show sparked off this debate and the lobbying that is now being done by Iain Duncan Smith, both Landlord Investment Show and Landlord Investor magazine will be reporting on developments in due course and as they arrive. We have now secured Iain Duncan Smith MP as a regular columnist in the magazine - in the current edition he looks as how the issues with the provision of social housing could be addressed. In each issue he will be looking at the sector more closely including at laws affecting landlords and what can be done. See this issue here http://www.landlordinvestormagazine.co.uk/single-post/2017/07/28/July-issue-out-now

For those interested in continuing this debate, IDS will also be at our Expert Property Panel at our Olympia Show in November and registration for this is complimentary here http://www.landlordinvestmentshow.co.uk/register

In addition, we have had a lot of interest from landlords who want to write to lobby for changes so we have decided to include advice in our next issue around how this can be done - it will be published in our September issue. Here is a link to subscribe to the digital edition so you'll be emailed a link to the issue when it come out. http://www.landlordinvestormagazine.co.uk/subscribe

Many thanks

by NW Landlord

14:49 PM, 8th August 2017, About 4 years ago

Thanks for the reply and I have read through and subscribed. The work you have done gettin a big hitter on board is really good. Without sounding negative after the outright onslaught on our industry over the last few years for cheap political gain I have become to say the least very distrusting of the elite in Westminster and will not be holding my breath but really hope to be proved wrong. Thanks for your post

by NW Landlord

14:50 PM, 8th August 2017, About 4 years ago

Thanks for the reply and I have read through and subscribed. The work you have done gettin a big hitter on board is really good. Without sounding negative after the outright onslaught on our industry over the last few years for cheap political gain I have become to say the least very distrusting of the elite in Westminster and will not be holding my breath but really hope to be proved wrong. Thanks for your post

by NW Landlord

15:20 PM, 11th August 2017, About 4 years ago

Banks are starting to feel the pinch now thanks weasel osbourne where are you now

http://www.telegraph.co.uk/business/2017/08/11/nationwide-profits-hit-britains-buy-to-let-crackdown/


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