Iain Duncan Smith Has Spoken Out For Landlords

by Property118.com News Team

22:06 PM, 21st June 2017
About 2 years ago

Iain Duncan Smith Has Spoken Out For Landlords

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Iain Duncan Smith Has Spoken Out For Landlords

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

Appalled Landlord

10:21 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Whiteskifreak Surrey" at "22/06/2017 - 10:10":

Hi WS

The link is http://www.telegraph.co.uk/news/2017/06/17/grenfell-tower-residents-everyone-else-social-housing-deserve/

You might have to register to see the full article; you don’t need to give your real name if you want to post comments using a pseudonym.

Whiteskifreak Surrey

10:23 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Douglas Barley" at "22/06/2017 - 10:17":

I think they had been warned a number of times, at least the member of this group and various landlord Associations spent nearly two years campaigning against it - which was met with a stony silence and lots of governmental tosh from the other side.
Maybe it is a self preservation, maybe a common sense, but it about the time the idiots in both the Treasury and the severely humiliated government woke up.
I would be great if we push again now. Axe the Tenant Tax on FB is promoting that action. Someone there suggested Twitter too.

Dr Rosalind Beck

10:32 AM, 22nd June 2017
About 2 years ago

This is the email address I have for IDS:

olivia.kybett@parliament.uk

As for the comment above that we shouldn't do anything, it's pointless, it's here to stay etc., well this is the wrong site for that kind of negativity and defeatism.

Whiteskifreak Surrey

11:00 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Dr Rosalind Beck" at "22/06/2017 - 10:32":

Quite right Ros, thanks. Giving up / acceptance of the status quo is the worst we can do at the moment!

Appalled Landlord - thank you for the link.

Gromit

11:37 AM, 22nd June 2017
About 2 years ago

What we really need is a face to face meeting with IDS at one of his constituency surgeries to ram the issue home.

Does anyone on this forum know of a Landlord in IDS's constituency?

Gromit

11:46 AM, 22nd June 2017
About 2 years ago

Just sent this it IDS:

Dear Mr Duncan Smith,

I wish to thank you for the comments made at the end of your recent article published in the Sunday Telegraph (18-Jun-17) regarding the way which the Conservative Government is treating private Landlords. Many Landlords are reeling in utter disbelief that a Conservative Government would contemplate introducing such measure as restricting mortgage interest relief let alone making it retrospective on mortgages already taken out, and making it anti-competitive by being applicable only encumbered Landlords and exempting limited company Landlords. Although only just being phased in the effects are already becoming felt by Tenants as Landlords prepare for the onslaught; tenants are facing huge rent rises, people on benefits are finding it increasingly difficult to secure a property, people on Housing Benefits are being evicted, Landlords are exiting the market as their businesses are being rendered unviable (reducing the pool of rental properties available).

What many people do not appreciate (and I include the Treasury in this) is the scale of the impact it will have. The Treasury itself has stated about 400,000 Landlords will be affected but fails to recognise that these Landlords probably provide homes for over a million tenants and their families a total in excess of 2.5m people (some estimates are for 2m and 4.6m respectively). David Miles, professor of Economics at Imperial College London and former member of the Bank of England Monetary Policy Committee has calculated that rents will have to rise by 20-30% for Landlords to pay this tax ( similar measures tried twice in Ireland and twice repealed caused rents to rise by 50% and homelessness to soar). The ramifications of such an increase on Tenants will be devastating, and of course, the worst affected will be the poorest of our society especially those on benefits. Many tenants will be forced to move to a smaller property or to a cheaper area incurring large costs in moving home, and upheaval to their lives, those at the bottom of the housing ladder will have nowhere they can move to and will become homeless. Local Councils already struggling to cope with homelessness will be overwhelmed. In some regions where rents have already reached a ‘ceiling’ Landlords will be facing effective rates of tax in excess of 100% and will be exiting the market or face bankruptcy. Which is why Landlords are already avoiding renting to people on benefits.

As a former Secretary of State for Work and Pensions you will, more than most, recognise the potential impact this will have on the poorest in our society. I hope therefore that you will use your influence as a senior Tory to make this Government see sense and scrap s.24 Finance Act #2 2015 “restriction of Mortgage Interest Relief” before irreparable damage is done. And in doing so restore the faith of the ~2m disaffected private Landlords (many of whom didn’t vote or voted for another party at the last General Election and could have made a vast difference to the outcome).

Best regards

Dr Rosalind Beck

11:51 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Barry Fitzpatrick" at "22/06/2017 - 11:46":

Excellent letter Barry. We need others to also send off letters to swamp his mailbag on this. The letters don't have to be long - even a short thank you from landlords will do if people are pressed for time and in any case letters should be kept short. Since the Tories are dropping loads of things now from their Manifesto and effectively doing u-turns left, right and centre, now is as good a time as any to drop this nonsense.

Mark Alexander

11:53 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Dr Rosalind Beck" at "22/06/2017 - 11:51":

emails are too easily discarded or forgotten.

Letters on paper, posted in an envelope, have a far longer shelf life.
.

Dr Rosalind Beck

11:55 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2017 - 11:53":

And one with a Malta postmark would stand out even more!

Whiteskifreak Surrey

11:58 AM, 22nd June 2017
About 2 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2017 - 11:53":

I will send by post then, postal correspondence is so rare at the moment.
Just to make sure - should we be sending to the address below, to IDS attention?
House of Commons, London, SW1A 0AA

thanks

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