Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Philip Hammond, Chancellor of the Exchequer, wrote that it is important to keep to the letter and spirit of the Manifesto and today announce a U-turn on the increase of Class 4 National Insurance Contributions in his budget last week.
Now we have to get the occupants in Number 10 and Number 11 to reverse Section 24. They have both been shown the effects by landlords in their constituency surgeries.
I have now sent this letter to my MP and would encourage all Landlords to do the same:
I see that today both the Chancellor of the #exchequer and the Prime Minister have states that they will abide with the letter and the spirit of the Conservative manifesto.
Would you therefore write to both the PM and Chancellor requesting that in accordance with their statements to Parliament today that they repeal s.24 of Finance Act 2015 as it break the pledge make and increases the effective rates of Income Tax that Landlords have to pay to 60/70/80 and in some cases in excess of 100% of actual profits. Please ask them not to use weasel words saying that the rates have not been raised (which is true) but they’ve deemed that finance costs (mortgage interest) should be treated as taxable income.
I will eagerly await their answers.
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