Labour Manifesto – Attack on the PRS

by Property 118

13:50 PM, 21st November 2019
About 3 months ago

Labour Manifesto – Attack on the PRS

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Labour Manifesto – Attack on the PRS

The Labour Party have released their 2019 general election manifesto. This has been very briefly summarised with the key points of interest for Landlords and the PRS industry. Download the full manifesto here

Pretty much all previous threats to the PRS have been included along with additional regulation and taxation policies.

Private Rental Sector

Labour will take the following action to ‘protect’ private renters through:

  • Rent controls
  • Open-ended tenancies
  • Binding minimum standards
  • Capping rents with inflation
  • Give cities powers to cap rents further
  • Ban discrimination against benefits tenants
  • Scrap Right to Rent checks
  • Regulate Airbnb and short lets
  • National levy on second homes used as holiday homes

“We will give renters the security they need to make their rented housing a home, with new open-ended tenancies to stop unfair, ‘no fault’ evictions. We will make sure every property is up to scratch with new minimum standards, enforced through nationwide licensing and tougher sanctions for landlords who flout the rules. We will fund new renters’ unions in every part of the country – to allow renters to organise and defend their rights.”

“We will get rid of the discriminatory rules that require landlords to check people’s immigration status or that allow them to exclude people on housing benefit. We will give councils new powers to regulate short-term lets through companies such as Airbnb.”

“We will bring in a new national levy on second homes used as holiday homes to help deal with the homelessness crisis, so that those who have done well from the housing market pay a bit more to help those with no home.”

Taxation:

Income Tax: Additional Rate payable from £80,000 and new Super-rich Rate payable from £125,000

Corporate taxation: Gradually reverse cuts to corporation tax to reach 21% (Small Profits Rate) and 26% (main rate)

Introduce a second homes tax: This is an annual levy on second homes that are used as holiday homes equivalent to 200% of the current council tax bill for the property

Taxing income from wealth equitably and efficiently

  • Tax capital gains at income tax rates
  • Tax dividends at income tax rates

Financial Transactions Tax: Extend stamp duty reserve duty

Reverse cuts to inheritance tax and Bank Levy

Impose VAT on private school fees

Scrap Married Persons Allowance



Comments

Mandy Thomson

10:33 AM, 12th December 2019
About 2 months ago

The Conservative party's anti landlord policies are not great, to say the least, but there is a bigger picture here.

Does anyone here seriously think Labour offers landlords - and the economy as a whole - a better option than the Tories? No, of course they don't.

So OK, you might say, I'm going to vote Lib Dem, Green, Brexit, any other small party, or even not vote at all - if you do that, you're simply allowing Corbyn more of a majority. The third largest party, the Liberal Democrats, manifesto is the most favourable to landlords of the three largest parties. However, even the Lib Dems themselves publicly admit they are not going to win the election, so their next goal is to stop the Conservatives winning seats - in other words, their aim is now to help Labour into power.

A Labour government would be disastrous for the economy, and it's only in a strong economy that business (including the PRS), the NHS, education, state pensions, public services - in short, everything important, can thrive.

Mark Shine

20:54 PM, 12th December 2019
About 2 months ago

Reply to the comment left by Mandy Thomson at 12/12/2019 - 10:33
Correct Mandy. As said before they are the most sensible party (In reality meaning they ARE the least ‘un-sensible’, unbiased) of a largely unimpressive bunch. This great nation needs to (hopefully one day 🙏🏼) break free from the perception that the electorate have to bet on only 🔴 or 🔵! Bring on PR!

Mark Shine

21:22 PM, 12th December 2019
About 2 months ago

Reply to the comment left by Mark Shine at 12/12/2019 - 20:54
This was replying to your comment:

“the Liberal Democrats, manifesto is the most favourable to landlords of the three largest parties”

Michael Barnes

17:54 PM, 14th December 2019
About 2 months ago

Reply to the comment left by Mark Shine at 12/12/2019 - 20:54
Ah, but what sort of PR?

Personally I want PR that is not party-based and allows for the election of independents.

Mark Shine

19:02 PM, 14th December 2019
About 2 months ago

Reply to the comment left by Michael Barnes at 14/12/2019 - 17:54
Yes fair point. You are right PR would not favour independents. FPTP favours them. In theory. But in reality as far as I know not many independents ever get voted in to a seat? It’s a real shame. On other hand, (not me) but 12.6% voted for UKIP in 2015 but only got 1 single seat. Surely that was a significantly greater injustice? Injustice is wrong word of course as it was legally done, but hope you get my point?

Mark Shine

21:43 PM, 15th December 2019
About 2 months ago

https://en.m.wikipedia.org/wiki/File:Number_of_elections_by_country.jpg

UK still one of the last remaining nations favouring FPTP? It favours the 2 largest parties, but perhaps not the electorate?

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