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 Gromit

20:38 PM, 4th November 2017, About 4 years ago

Reply to the comment left by Property Wannabee at 04/11/2017 - 20:32
Sorry but the Conservatives lost my vote and quite a few other Landlords who post on this and other forums.
Personally I think Sec.24 is worst than rent caps.

by Darlington Landlord

22:52 PM, 4th November 2017, About 4 years ago

The thing the Tories care most about is staying in power! and our votes are one way to make them understand they cannot take us for granted whilst they treat us unfairly. Even if Landlords cannot bring themselves to vote Labour there are other Parties or not voting/spoiling a ballot as options. Some Tory losses were so close a few non voting Landlords could have made the difference.

by david porter

22:52 PM, 4th November 2017, About 4 years ago

Reply to the comment left by Property Wannabee at 04/11/2017 - 20:32
Had Labour put up Miliband and Balls in the last election they would be in Downing street now.
We put together 800 votes for Brexit as an anti GO protest.
Now he is a newspaper vendor.

by H B

9:21 AM, 5th November 2017, About 4 years ago

Reply to the comment left by Property Wannabee at 04/11/2017 - 20:32
" no landlord ever votes for anyone other than tory"
I suppose that many people consider the Blairs to be Tory, but I would be surprised if they actually voted Tory.

by Gromit

12:30 PM, 5th November 2017, About 4 years ago

Reply to the comment left by H B at 05/11/2017 - 09:21
The whole political spectrum seems to have moved leftwards. Labour is now more Marxist, Conservatives are left of centre (nearer New Labour than Labour itself). There isn't a conservative party (small "c") anymore.

by Chris Novice Shark Bait

12:35 PM, 5th November 2017, About 4 years ago

Please ask:
1)Does he think it was proper for the treasury to deviate from G.A.A.P. and also make the legislation retro-active?
2)Does he realise the consequences of stealing investor's pension provision by robbing them of their carry forward losses caused by improving their properties in the shorter term for a longer term gain?
3) Does he feel that any compensation may fall due to those landlords who are forced into bankruptcy?
4) Does he realise the additional expenses of trying to sell encumbered properties with vacant possession in this current market (outside of London)?
5) Does he accept that there is a very different market outside of London and within Burroughs down to postcode differences?
6) Does he agree that pilloried landlords are part of the solution to the housing crisis nationwide?
7) What is he willing to do help us?

Would be very interested in his answers.
Many thanks,
Chris.

by Mark Shine

19:28 PM, 5th November 2017, About 4 years ago

Reply to the comment left by Property Wannabee at 04/11/2017 - 19:24
“1) Are the government skewing the market from small landlords to the corporates through their different tax treatments?
2) Do they think the corporates will resolve the housing shortage?
3) Will the govt ensure that the profits received by these corporates are adequately taxed and not used to offset losses from other losses (especially the insurance and pension industries)”

These are all great questions. I’m sure many private landlords would like to hear genuine (ie not heavily spun) answers to these particular 3 from the govt.

by Whiteskifreak Surrey

7:46 AM, 6th November 2017, About 4 years ago

Reply to the comment left by Barry Fitzpatrick at 04/11/2017 - 20:38
I fully agree Barry - as someone mentioned S24 will get from bad to worse as the interest rates will rise. With the rent increase cap at least there would be a legitimate cause for rent increase every year.
Even additional 3% stamp duty you one can factor in over several years they are going to rent the property out (unless a quick flip). Section 24 is absolutely disastrous. What appears to me is that is being accepted even on this forum. Incorporation seems to be a preferred model for everyone, I am not sure if that is the case...

by Tracey Hanbury

14:01 PM, 6th November 2017, About 4 years ago

Reply to the comment left by Whiteskifreak Surrey at 06/11/2017 - 07:46
Thank you all that have submitted questions. I shall report back on how everything goes and the interview will be filmed so I will happily share that once it is edited.

Kindest regards,

Tracey

by Whiteskifreak Surrey

14:04 PM, 6th November 2017, About 4 years ago

Reply to the comment left by Tracey Hanbury at 06/11/2017 - 14:01
I there another thread on the same subject? I have just posted my questions there? Bit confusing...

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