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

AlanR

15:28 PM, 21st November 2019
About 3 months ago

Corbyn and his delusional extreme-left pals have been waiting all their sorry lives for an opportunity to do this to our once wonderful country. If they win the election, and I very much doubt that they will, we'll only have to endure them for one term! They'll wreck the economy and nobody will vote them in again. Unfortunately, it'll take much longer to repair than it did to destroy. For all the Boris haters - grit your teeth and vote for him as the alternative is altogether more frightening.

Gromit

15:46 PM, 21st November 2019
About 3 months ago

Reply to the comment left by Chris Mayger at 21/11/2019 - 15:02
Absolutely!!

Every Landlord needs to do this. There are 11m renters that a lot of votes.

silversurfer2017

15:46 PM, 21st November 2019
About 3 months ago

A couple of comments.One of my properties is a full qualifying holiday home for tax purposes. We don't pay council tax but pay business rates but as a small business with a low rateable value we get 100% exemption from business rates. Don't see how paying 200% of zero is going to effect this part of our property investments?
Those well off people in the south who are remainers have a dilemma? I would suggest better the devil you know and vote for Boris or be a lot poorer under a Labour government, unless of course you are planning to leave the country?

Sami Houmrani

18:52 PM, 21st November 2019
About 3 months ago

Absolutely nothing will persuade me to vote for labour.

Whiteskifreak Surrey

19:33 PM, 21st November 2019
About 3 months ago

Reply to the comment left by Sami Houmrani at 21/11/2019 - 18:52
I hate BrexS**T and Boris the Liar, but really there is no other choice.... Unless Tories will adapt Labour Manifesto as their own (as they did with Greens one some time ago)

Tim Rogers

19:55 PM, 21st November 2019
About 3 months ago

Does anyone have any faith that we will not be returned to strict controls on the transfer of funds out of the UK?

Whiteskifreak Surrey

20:11 PM, 21st November 2019
About 3 months ago

Reply to the comment left by Tim Rogers at 21/11/2019 - 19:55
No, we were considering doing that before the election, just in case..

Gromit

20:39 PM, 21st November 2019
About 3 months ago

Reply to the comment left by Tim Rogers at 21/11/2019 - 19:55
Smart money has already been moved offshore.

If Corbyn gets in prime central London properties will hit the market on mass, properly prices will crash, rippling out to all areas. Millions in negative equity, repossessions soar. Then.. ................

Cathie Hawkins

20:44 PM, 21st November 2019
About 3 months ago

This is a actually frightening! I never thought Corbyn could be a contender but people have forgotten sitting tenants and the lack of rental properties. I vowed never to vote Conservative again but will have to now. The Greens are also frightening. The trouble is that people will vote for the party’s stance on Brexit - unintended consequences abound.

Simon Williams

21:01 PM, 21st November 2019
About 3 months ago

Apparently the Tories have confirmed they will definitely be abolishing section 21, so not a huge amount to cheer about there. Hard to believe that Ed Miliband was once spurned by voting landlords everywhere in favour of Cameron because Miliband was suggesting the "radical" policy of 3 year tenancies after a 6 month probationary period. What I would give for Miliband's proposal instead of what the Tories will eventually bring in.

But like everyone else on these pages, methinks the threat to the PRS from Labour is so far off the scale, that there really is only one choice this time around and it's Boris.

For Christmas I have asked my wife to buy me share trading for Dummies. Time to diversify.

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