Jeremy Hunt purchases BTL in name of Ltd co.

by Property 118

4 weeks ago

Jeremy Hunt purchases BTL in name of Ltd co.

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Jeremy Hunt purchases BTL in name of Ltd co.

Jeremy Hunt, the Health Secretary, has been slammed in the papers for reportedly purchasing seven flats in Southampton in the name of a new limited company.

Karen Buck, Labour MP, told The Sun: “It’s shocking that while renters wait, seemingly forever, for any help from the Tories, the Health Secretary is spending his time buying up loads of properties to let. Surely Jeremy Hunt should understand how this looks at a time when both the NHS and housing are in crisis.

“You couldn’t get a better example of how the Tories are more concerned with looking after their own instead of supporting ordinary people.”

Mr Hunt’s spokesman said: “Jeremy and his wife set up the company as a vehicle through which to make charitable donations and no salaries or dividends will be taken from it for their personal benefit.”

This raises the question of hypocrisy on the one hand with the recent Tory party attacks on Landlords using Section 24 and Stamp Duty surcharges. Then on the other hand Mr Hunt just doing what all landlords are that continue to invest in the PRS by purchasing in a Ltd co. Then gaining business relief on mortgage interest as per standard taxation practices and providing more homes to rent within the PRS that many people cannot afford to buy.

The Apartments are said to be in the upmarket waterfront area of Ocean View Southampton.

Comments

david porter

4 weeks ago

Ocean View,
oh dear.

James Fraser

4 weeks ago

I always think of ‘Jeremy Hunt’ as being a bit of cockney rhyming slang.

No beef with him personally, and I’m very happy for him to buy 7 properties, but presumably it’ll be someone else in government with some idea of what it’s like to be a landlord. Or it might also mean that interest deductibility restrictions definitely aren’t going to be applied to ltd cos?!
Although he might be cash of course.

Just seems a tad hypocritical at a time the govt is doing its best to put us all out of business.

I just cannot believe that.... It would be worth knowing if he bought with cash or mortgaged. If mortgaged, if would be a sign that these Gov idiots are not going to touch the LTDs. BTL via Ltd is supposed to be more professional, I wonder what sort of Landlord experience he has. Generally whatever he touches is destroyed... Perhaps he will destroy his business too... Let's hope.

Jamie M

4 weeks ago

What he is doing is perfectly legal, appropriate and a legitimate investment through providing rental properties to the market.
BUT
Landlords in the PRS have been hit with S24 tax on their mortgage interest which makes it unviable for most PRS landlords in the UK (who by the way manage 5 million properties providing accommodation to 15-20 million people) to continue their essential service renting to those who are unable to accumulate a deposit and get a mortgage. Section 24 is pressuring landlords who aren't running in Limited companies to sell up or go bankrupt thereby causing the eviction of their tenants in favour of 1st time buyers!! Is this social cleansing?
Are 1st time buyers to be put to the top of the heap where housing is concerned? Are these political cronies running the PRS market down and creating more demand in the rented sector to favour the large wealthy landlords who charge huge rents compared to us smaller landlords? How many other politicians and councillors throughout the UK are in on this too?
This is a scandalous pernicious assault on PRS landlords that has to stop now because hundreds of thousands of evictions will be occurring in the next two years as S24 ramps up to 100% of mortgage interest being taxable and landlords are forced out of the market and their legitimate business, investments and nest eggs. In who's interest is this really in?

David Simms

4 weeks ago

I believe they were purchased with a mortgage per flat. There are seven charges registered against specific properties visible on the companies house website.

https://beta.companieshouse.gov.uk/company/10970413/charges

JH taking advantage of the Government (of which he ia apart of) driving private Landlords out of business.
What next drive Tesco out of business then open his own supermarket?

Pete Lightowler

4 weeks ago

David, what makes you think the link you gave is for JH's investments? No obvious connection?

David Simms

4 weeks ago

Reply to the comment left by Pete Lightowler at 26/03/2018 - 18:19I linked the company via the MPs register of interests, specifically: "Hunt, Mr Jeremy (South West Surrey)
6. Land and property portfolio: (i) value over £100,000 and/or (ii) giving rental income
of over £10,000 a year
From 7 February 2018, seven apartments in Southampton, owned by Mare Pond
Properties Ltd: (i) and (ii). (Registered 07 March 2018)"
The full text can be seen on page 6 https://publications.parliament.uk/pa/cm/cmregmem/180319/Updates%20-%206-19%20March%202018.pdf

sam

4 weeks ago

I find the snidy remarks by my fellow LLs very disturbing.

Trevor Cooper

4 weeks ago

I presume there are no Labour ministers that have buy to let properties then....

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