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

9:53 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by Trish at 21/11/2019 - 22:48
With the mass immigration they are planned there will be no point to carry on with Right to Rent. I am not exactly sure where they want these people to live, as they will be annihilating the PRS. On the other hand the would-be immigrants may think twice before they will decide to come here.

by NewYorkie

9:58 AM, 22nd November 2019, About 2 years ago

"We will fund new renters’ unions in every part of the country – to allow renters to organise and defend their rights.”

As if renters don't have enough rights today, a Labour government will actually use our taxes to help renters fight us in the courts if they don't like something!

by Ian Narbeth

10:18 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by LVW4 at 22/11/2019 - 09:58
Perhaps Corbyn and McDonnell will encourage tenants to go "on strike" and not pay their rent? Maybe tenants of good landlords will be encouraged to "come out in sympathy with" tenants of the bad? Picket lines may be erected to stop landlords entering their own property. This ought to be a dystopian nightmare. Just hope I don't wake up on Friday December 13th and find that it's the future!

Those who don't remember the 1970s and early 1980s before Maggie got a grip on the country may condemn us all to repeat them. Throw in green plans to stop us all travelling and the austerity of recent years will seem like a stay at a luxury resort.

by Whiteskifreak Surrey

11:18 AM, 22nd November 2019, About 2 years ago

by Trish

11:25 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by Dylan Morris at 21/11/2019 - 22:00
Labour are socialists, not Marxists. Very different

by Trish

11:33 AM, 22nd November 2019, About 2 years ago

Reply to the comment left by Whiteskifreak Surrey at 22/11/2019 - 11:18
So, both main parties want to undermine the PRS. At least Labour are coming from a good place and plan to build huge amounts of social housing to replace it, whereas Conservatives just want to provide more opportunities for private companies to make a profit.

by Whiteskifreak Surrey

12:01 PM, 22nd November 2019, About 2 years ago

Reply to the comment left by Trish at 22/11/2019 - 11:33Trish - are you a Landlord? I do not think so. Of course we need more social housing - nobody says otherwise. But what the labour plans is simply not credible and not deliverable.
By all means if you would like support all that Utopia La La Land proposal with your taxes - do so. But I hdo not think many people on this forum intent to financially prop up the system which is going to ruin this country completely.

by Ian Narbeth

12:07 PM, 22nd November 2019, About 2 years ago

Reply to the comment left by Trish at 22/11/2019 - 11:25Not so very different: https://philpapers.org/browse/socialism-and-marxism
Corbyn and McDonnell are both Marxists and Labour MPs are running on their manifesto.
There is absolutely nothing wrong with private profit. What you should look for is whether it delivers results. Socialism and Marxism fail always and everywhere they are tried.
Sure, free enterprise is not perfect but Socialists compare the failures of a system to their imagined Utopia. The result of socialist policies is Venezuela, not prosperity.

The Government (which in practice means people who are not businessmen directing civil servants who have little or no experience of business) is not better at allocating and managing capital, resources and people than businessmen risking their own money.

by Whiteskifreak Surrey

12:14 PM, 22nd November 2019, About 2 years ago

by Trish

12:31 PM, 22nd November 2019, About 2 years ago

Reply to the comment left by Whiteskifreak Surrey at 22/11/2019 - 12:01
Yes Whiteskifreak, I am a landlord, and have been since 2004. However, I'm also a human being who wants to see better public services, hospitals, schools etc, and an end to the increasing division between rich and poor. So far the Conservatives have done nothing useful about any of these things, quite the reverse. In addition they have gone for the jugular of the private rented sector, for no apparent reason, so I can't see why any landlord would want to vote for them either.


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