Barry Fitzpatrick

Registered with Property118.com
Friday 31st October 2014


Latest Comments

Total Number of Property118 Comments: 274

Barry Fitzpatrick

13:25 PM, 19th June 2016
About 3 years ago

Barry Fitzpatrick

19:43 PM, 12th June 2016
About 3 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Markb " at "12/06/2016 - 18:42":

Mark/Neil could you let MarkB have my email address?... Read More

Barry Fitzpatrick

18:25 PM, 12th June 2016
About 3 years ago

Summer Budget 2015 - Landlords Reactions

JR Crowd Justice fund has just reached £100,000... Read More

Barry Fitzpatrick

11:22 AM, 31st May 2016
About 4 years ago

Summer Budget 2015 - Landlords Reactions

I’ve just sent the following email to David Jones and I would encourage you to do the same. His email address is: officeofdavidjonesmp@parliament.uk

Dear David,

Although not one of your constituents, having read your recent article on the Conservative Home website may I congratulate you on being one of the first MPs to publicly recognise the impacts of recent changes in the taxation of Landlords. Yes, I am a Landlord myself, and by far the most damaging is the change to mortgage interest relief. This change will be devastating to many Landlords but just as if the Government had increased fuel duty on petrol and diesel this extra tax will be borne by the customers of Landlords (i.e. Tenants). For this reason this tax hike has been dubbed the “Tenant Tax”.

For affected Landlords (and this is the injustice of this tax as it doesn’t affect Landlords who own properties in a limited company structure or are unencumbered) they will pass this extra cost onto their Tenants who will face increases, when fully implemented, of 20-40%, and where market condition preclude this, Landlords will have to sell up, and have to evict the Tenants to do so. Either way the Tenants suffer. This will probably follow the same path as happened in Ireland 16 years ago when a similar tax change was introduced.

This tax goes against the time honoured principle of profit=revenue-costs, with tax being levied upon profits. Which gives rise to anomalies such as tax being due on a loss, and rates of taxation in excess of 100%. This is counter to the Conservative principles of lower taxation and this in a situation where affected Landlords are already paying tax on their profits at 40% or 45% (whereas incorporated Landlords would only be paying 20% tax). You also rightly point out that some basic rate taxpayer Landlords will be pushed into the Higher Rate bracket for tax purposes even those their income will not have changed, this in turn has consequences regarding things like Child Benefit, and Child Maintenance payments, and now Dividend Tax.

Increasing rents will in turn make it even harder for Tenants to save for a deposit on a house of their own, which is totally counter to the Conservative Parties policy of home-ownership.

The Tenants who will suffer the worst will be those least able to cope i.e. those people at the lowest end of our society – those on Housing benefits. Housing benefit having been frozen will force these people to move to lower cost areas, or fall back on their Local Council to be housed by them (probably in very expensive Bed & breakfast type accommodation as fewer Landlords will be able to afford or be willing to house them). The cost in terms of upheaval, stress and misery will be enormous.
This measure which has been condemned by many independent, respected public bodies including The Institute for Fiscal Studies, IFS, to whom David Cameron recently commented on the BBC as “The Institute for Fiscal Studies is the gold standard in independent impartial economic forecasting and commentary in our country. It’s accepted by every political party.”
You’ll be aware that a group of Landlords are making a legal challenge to this legislation, but I would hope that the Government comes to its senses and reverses this ill-thought out, and damaging legislation.
... Read More