Labour Manifesto – Attack on the PRS

Labour Manifesto – Attack on the PRS

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

Text Size

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 Ian Narbeth

9:27 AM, 25th November 2019, About 2 years ago

Reply to the comment left by Martin at 23/11/2019 - 16:19Martin, 71% of 48% is 34% so you are claiming that 34% of the electorate over 3 years ago represents what the majority of the country wants today? I just want to be sure.
Your argument has been trotted out ad nauseam by Remainers. With a voting system that does not compel people to vote, it is very rare in a democracy that one party or viewpoint attracts more than 50% of the votes cast. The votes in 2016 in favour of Leave were cast despite the Government trying to rig the vote by spending £8 million to send out leaflets to the nation putting just one side of the argument and despite the Civil Service being instructed not to assist leave-voting MPs.
Nowadays I ask Remainers one question to which I have never had a satisfactory answer. Usually the reply is silence. In 2016 David Cameron assured us that Britain would be part of a reformed Europe. Since 2016 what reforms has the EU carried out that are at all what Cameron promised?
Many of my tenants are from outside the UK. I don't expect them all or even a large percentage to leave the country after we exit the EU.

by Martin

10:54 AM, 25th November 2019, About 2 years ago

Reply to the comment left by Ian Narbeth at 25/11/2019 - 09:27
Hi Ian
I did vote remain, but I am in a weird situation where neither remain nor leave will have much of an effect on me. I am financially established, pensions taken care of and semi retired.
So emotively I have zero investment in Brexit. In fact I am getting close to the "Sod it just do something " stance, which cannot be the correct approach.
I Just can't get past the thought though that whichever way you voted originally you weren't well informed.
We the majority elect the minority to learn all they can and make decisions of national importance on our behalf. Yet on the biggest national decision of our generation it is thrown back out to the majority to make a decision based on little or no knowledge. It was all emotive, even the language involved was designed to be emotive - Brexiteers and Remoaners.
Add that to the fact people vote mainly based on a single issue that effects them personally with no thought or idea of other consequences.
How many people voted to control immigration and also voted for the price of their package holiday to go up.
How many people voted for the NHS to have extra funding and also voted for potentially less fresh produce in the supermarkets.
How many people voted not to pay the £39 billion pound "divorce" bill ( a chunk of which has already been paid by the way) and to annexe Northern Ireland.
So yes -you know - I do want to be sure.
My belief and opinion ( just my opinion) is that whichever way it goes we have damaged our country massively.
Leave Europe we get a recession, stay and we get civil unrest.
Same as the election vote for least worst.
You are correct with the reformed Europe comment though, no one remembers the minor exemptions, the red card and yellow card system and the 55% veto rule. Since the referendum was in 2016 as well it's all a bit pointless in the current climate.
Regardless of what you believe the most import thing you can do is vote.
The only people I'm ever annoyed at are the ones who don't vote.
Always up for a debate and always interested in others points of view and never looking for an argument.
I find it massively interesting the huge range of views and beliefs in here so keep making comments.

by David Price

11:10 AM, 25th November 2019, About 2 years ago

Reply to the comment left by Martin at 25/11/2019 - 10:54
A little off topic but as we are speaking about Brexit; I attended the Big Debate at Wembley and I do not remember hearing a single verifiable fact mentioned at any time, it was all emotive. Not the way to make decisions of national importance.

by Ian Narbeth

11:11 AM, 25th November 2019, About 2 years ago

Reply to the comment left by Martin at 25/11/2019 - 10:54
Martin
You are absolutely right about civil unrest if the 2016 vote is nullified. Talk of a recession is over-blown: according to Osborne the nation would by now be on its knees. Hasn't happened yet. It will annoy many Remainers if the economy does well. How annoyed? I reckon they'll be as upset as Democrats discussing the US economy under Trump 🙂

by Whiteskifreak Surrey

11:21 AM, 25th November 2019, About 2 years ago

Reply to the comment left by Ian Narbeth at 25/11/2019 - 11:11
Nothing personal Ian - but why to generalise that if economy does well after BrexS**T Remainers will be upset?
Personally - being a firm Remainer - I think we are heading for a economical disaster for the next 5-10 years, and will negotiate from an extremely weak position. But nothing will give me greater pleasure than to prove me wrong.

by NewYorkie

12:13 PM, 25th November 2019, About 2 years ago

Reply to the comment left by Whiteskifreak Surrey at 25/11/2019 - 11:21
Calling it 'BrexS**T doesn't help, but by the same token, I don't think (generalising) Remainers will be in the least bit interested in how the economy does. Their opposition is more ideological. It's become their quest in life, because they know what's best for everyone, and are determined that their will shall prevail! But once Brexit is done, the UK will get back to business, and people will get back to living their lives. Many MPs will have had their backsides well and truly kicked, and God willing, we will have avoided a marxist government. Because there lies the real danger for the UK economy.

I am seriously considering going to cash today with all my UK-based investments. I started by selling my London properties. Maybe I'm over-reacting, but better to lose a bit, than see my hard-earned cash go to Corbyn and his cabal!

by Whiteskifreak Surrey

12:18 PM, 25th November 2019, About 2 years ago

Reply to the comment left by LVW4 at 25/11/2019 - 12:13
I do not think you are over-reacting... It is rather prudent to think that way.
Whatever our stance on Brexit is (note spelling) the most important thing is to avoid Commie Corbynov and RED McDonnell.

by Martin

12:52 PM, 25th November 2019, About 2 years ago

Reply to the comment left by Whiteskifreak Surrey at 25/11/2019 - 12:18
Yet weirdly he is the one saying he has no stance on Brexit, instead he will broker the best deal he can then put that and the remain option to the public in the form of a referendum. Then what ever the result is he pledges his Government will stand by it.
Now most of his top line policies do economically terrify me and I can't see my self voting Labour while he is driving the party.
So the bizarre situation is that Corbyn is the only one of the 3 actually being democratic about the Brexit issue.
Johnson is Brexit at any cost and Swinson is revoke article 50.
Before people jump up and down about Boris merely following the vote, don't forget he is the man who said the chances of a no deal Brexit are about a million to one and also the man who spent the first 3 weeks in office doing nothing to get a deal until the "no deal" option was forcibly removed from him.
His campaign slogan is "Get Brexit done" he is trying to make the general election a single question election. So yes I do believe he is Brexit at any cost.
The Liberal Democrats previous slogan of " Bollocks to Brexit" needs no explanation!

by B4lamb

13:02 PM, 25th November 2019, About 2 years ago

Obfuscated Data

by Martin

13:06 PM, 25th November 2019, About 2 years ago

Reply to the comment left by B4lamb at 25/11/2019 - 09:12
I totally agree on your comments about inspections.
I do most of the little maintenance issues myself, like fixing leaks, jammed doors and broken handles etc.
This gives me the opportunity to look at the property and more importantly to engage with the tenants.
I've always worked to the mantra of if I wouldn't live in it I won't rent it. So my houses are all "nice " when they are rented out.
I wear slip on shoes as i consider it courteous to remove my shoes when entering someones house. I have one house I never take my shoes off in, it is literally wipe your feet on the way out.
Yet they have been with me for 7 years never missed a payment and all legislation is up to date with the property.
If they choose to live that way it's up to them, I can prove with the inventory what the property was like when they moved in.
It worries me that ultimately I could be penalised for their lifestyle choice!


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

BECOME A MEMBER