Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
— Property118.com (@Property118) July 11, 2016
Dear Mrs Leadsom
Please pledge to stop the government’s attack on private landlords!
As a conservative party member and former local councillor, I was sorry to hear of your decision to withdraw from the leadership race, but I do hope you might still feature prominently in Mrs May’s government.
When the dust settles a bit, can I plead with you as a landlord to make some sort of positive statement about the plight of landlords who have been subject to relentless attack by George Osborne?
You may know that there are an estimated two million landlords in the UK and I daresay thousands of them are members of the Conservative party and many others will have voted for the party at the last election in good faith.
The private rented sector needs more competition and more investment to work better. Instead, the government has offered only more rules, red tape, regulation and taxation – all of which will only undermine investment in the sector, reduce competition and drive up rents.
Can I ask you to look at things such as:
– the proposed reduction of mortgage tax relief. In every other type of business, loan costs are fully deductible against tax. In every major European country landlords can fully deduct loan costs against tax. Exception: the UK.
– the proposal that landlords should be taxed on turnover, rather than profit. This is unprecedented in the history of British business.
– the massive stamp duty hike on landlords.
– the abolition of the wear and tear allowance that encouraged landlords to furnish properties.
– the discriminatory treatment of landlords when it comes to the Capital Gains Tax rate on asset disposals.
– the proposal massively to extend licensing of smaller Houses in Multiple Occupation and to set minimum room sizes so that, for example, you will no longer be able to rent a box room to a student.
– the astonishing increase in paperwork now needed every time a new tenancy is started.
Most landlords are honest, decent people who simply did what governments told them to do; namely not rely on the state for their retirement, but to invest wisely for their future.
They are being blamed for what is essentially a supply crisis. The answer is to build more homes, not destroy small landlords.
Simon Williams – Harrow
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