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 Whiteskifreak Surrey

15:54 PM, 11th August 2017, About 4 years ago

Just a little bit off subject: did anyone watch C4 news last night (7pm)? It was a lot about homelessness and how it is going to increase in the foreseeable future. Usual LLs bashing about rising rents, no mention of course about Government's attack on PRS. A mantra was to build more houses.,as it it was going to happen overnight. It is going to bite the Gov badly, and weasel Osborne is not a part of that anymore (comfortably editing London Evening Standard and writing a lot about homelessness he caused).

by NW Landlord

16:06 PM, 21st August 2017, About 4 years ago

Looks like more coming for second home owners these torys don't want middle classes gettin wealthy through property and use the anti landlord sentiment to drive taxation policy

https://www.estateagenttoday.co.uk/breaking-news/2017/8/punish-second-home-owners-more-urges-think-tank-led-by-ex-tory-mp

by Whiteskifreak Surrey

7:08 AM, 22nd August 2017, About 4 years ago

That is getting really dangerous. I wonder if the Ltds are going to be the next target? If Hammond has a little bit of common sense he will dismiss that stupid opinion of an equally stupid think-tank.
Is there anyone in this government who actually see a broader picture of the housing disaster in this country? I do not think so.
Time to start selling.

by Dr Rosalind Beck

8:56 AM, 22nd August 2017, About 4 years ago

On a positive note, a group of up to 100 MPs has allegedly been for canapes and prosecco (nice!) in Chequers over the weekend, with the PM on a charm offensive to win over backbench and/or prominent MPs. Spouses were also invited. Apparently this kind of tour of Chequers with rafraîchissements is quite rare. IDS was one of those invited and he is defo on our side. Regular emails to him thanking him and encouraging him would not go amiss. 0.0017% votes going the other way would have got the Government the majority they needed and we need to remind them that we are part of the 0.0017%! AND that more landlords will switch away from the Tories when they see the amount of tax they are going to be paying.

by Gromit

9:42 AM, 22nd August 2017, About 4 years ago

Electoral Reform Society: Theresa May missed out on a majority by 0.0017%: Tories would have won the election if just 533 votes in nine marginal seats had gone their way. The 2017 general election saw an increase in very marginal seats, with 11 constituencies won by fewer than 100 votes. North East Fife was held by the SNP by just two votes.

That is not many Landlords!!!

https://www.electoral-reform.org.uk/the-myth-that-westminsters-voting-system-is-strong-and-stable-has-been-bust-for-good/
http://www.dailymail.co.uk/news/article-4808022/Theresa-missed-majority-0-0017.html

by Ian Narbeth

10:27 AM, 22nd August 2017, About 4 years ago

I am eligible to vote in North Kensington but did not vote in the General Election. The Tory MP Victoria Borwick saw a 10,000 vote majority turn into a loss by 24 votes to Labour. I wrote to her after the Election including:
"In a word, I did not vote because of Section 24 of the Finance Act which removes tax relief for mortgage interest for individual landlords. It was brought in without consultation and, adding insult to injury, has been spun by the Treasury as being fair and a means of helping first time buyers. It has not helped anyone except large corporate landlords.

Section 24 has been heavily criticised by the property industry and by financial experts. It departs from the principle that income tax should be paid on profits and that Profit = Revenue less Expenses. When the transitional provisions are over and the full effects of s24 apply, it will be possible for some individual landlords with mortgages, in a bad year, to pay tax of over 100% of their income. It will even be possible for a landlord who breaks even (i.e. makes no profit in a year, perhaps because of a rental void, a bad debt and/or a hike in interest rates) to have to pay tax, at the rate of infinity. In what rational Universe is a tax rate of infinity fair?

If you do not know how s24 works I can explain and can give examples. However, you along with the rest of the Tory MPs followed the whip and voted for it when the Finance Bill was passed.
...
There were several reasons, the main one being Theresa May’s hubris, for the loss of your seemingly comfortable majority but I would venture there were at least two dozen landlords in Kensington who, like me, did not vote for you this time. This means you may have lost your seat because of section 24, the final straw that broke our backs and turned Kensington red. It gives me no pleasure to be the cause of your misfortune but I feel utterly betrayed by the Party I have supported all my life."

To be fair I received a reply from her:
"Thank you very much indeed for your letter which is most sensible and helpful. I have no doubt others would agree.
....
I would like to send your email to Greg Hands MP for Chelsea and a colleague of mine as he is still in Parliament so might actually be able to effect change
Once you are out of Parliament, there is nothing more you can do, protest votes are fine, but now I cannot take this forward with the Minister for you, but hopefully he will take the points on board." I have not heard from the minister.
Another Tory MP told me recently that speaking to the children of a dyed in the wool Tory mutual friend of ours that he realised the the Conservatives had to reconnect with young people. Too right, they are haemorrhaging support. They pi**ed off the young and the old and the sick and people with children at the election. Landlords should ram home to Tory MPs on every occasion they meet that the Conservative party has betrayed its most loyal supporters, that the full effects of the betrayal will be felt shortly before the next election, that young people will be hurt by increased rents and a shortage of housing and the Tories will lose the next election and usher in a socialist government if they don't wake up.

by Gromit

10:36 AM, 22nd August 2017, About 4 years ago

.... and they are quite a few Tory marginals that when the full effects of s.24 are being felt at the next General Election (assuming this Government doesn't fall before then), who will lose their seats as Landrods abandon the Conservative Party in droves.

by david porter

10:47 AM, 22nd August 2017, About 4 years ago

There are many tenants who are vunerable to rent rises and evictions as a consequence of Section 24.
They will not be enamoured of this. There are many who will not want to vote for JC. They may well sit at home and see the Conservatives removed from power.

by Dr Rosalind Beck

12:26 PM, 22nd August 2017, About 4 years ago

Excellent work, Ian.

by Whiteskifreak Surrey

11:52 AM, 23rd August 2017, About 4 years ago

Axe the Tenant Tax published today a link on FB:
https://www.lettingagenttoday.co.uk/breaking-news/2017/8/tell-the-chancellor-what-he-should-do-----but-please-be-polite
Would Property 118 make a formal representation as a Landlords Union?
Any templates what to include in an individual representation? Should we go via our MPs? Or directly?
Perhaps that should be a separate thread?
Any suggestions welcome! Thank you.

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