Labour Manifesto – Attack on the PRS

Labour Manifesto – Attack on the PRS

13:50 PM, 21st November 2019, About 2 years ago 96

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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

by Whiteskifreak Surrey

21:05 PM, 21st November 2019, About 2 years ago

Reply to the comment left by Simon Williams at 21/11/2019 - 21:01
Simon, I love your choice of Christmas present. Might actually opt for something similar - thank you for the idea!

by Gromit

21:18 PM, 21st November 2019, About 2 years ago

Reply to the comment left by Simon Williams at 21/11/2019 - 21:01
Get the version for international markets!🤔

by Martin

21:19 PM, 21st November 2019, About 2 years ago

I'm buying them all Politics for Dummies

by silversurfer2017

21:47 PM, 21st November 2019, About 2 years ago

Any party can promise the earth, but with unrestrained borrowing, their policies are untenable. The stock market doesn't seems to think Corbyn for PM is a reality.
I topped up my shareholding in Shell this morning after the share price had fallen nearly 30p on fears of the contents of the Labour manifesto. At the end of the day they were down just 0.5p at 2550p per share. BTW 6.4% yield is quite attractive.

by Gromit

21:51 PM, 21st November 2019, About 2 years ago

Reply to the comment left by Martin at 21/11/2019 - 21:19
"Marxism for Dummies" was sold out at the Labour Party conference @ £1,000 per copy.🤔🤔🤔🤔

by Dylan Morris

22:00 PM, 21st November 2019, About 2 years ago

I’m no fan of the Tories far from it, but I will be voting for them with a big peg on my nose. Most of what used to be Great Britain is now lost forever. All I can do is cancel out a Labour vote to stop Marxism. Can’t believe it’s come down to this.

by Michael Barnes

22:28 PM, 21st November 2019, About 2 years ago

So, nothing in the manifesto about providing adequate funding to enforce existing laws against bad landlords?

by Trish

22:48 PM, 21st November 2019, About 2 years ago

Very relieved to see that at least Labour seem to have dropped their truly crazy 'Right to Buy' idea.

by Rob Crawford

8:59 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by Trish at 21/11/2019 - 22:48
Just another nine bullet points to drop!

by NewYorkie

9:28 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by Rob Crawford at 22/11/2019 - 08:59
Just because it's not explicitly mentioned in their manifesto, it doesn't mean they don't want to do it.
The Death Tax isn't explicitly mentioned in the manifesto, as Burgon was at pains to point out on Question Time last night. But earlier in the day, McDonnell said it was something he was thinking about and wanted to do.
The explosion in Death Tax will happen, as will Right to Buy if Labour seizes power.


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