Reform UK says it will abolish section 24 for landlords

2:06 PM, 17th June 2024, 2 years ago 74

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Landlord News Lettings & Management Section 24

Among the promises being made by Reform UK to boost the UK’s private rented sector (PRS) is a pledge to abolish section 24 in its first 100 days in office.

Section 24 was introduced in the Finance Act 2015 by the then Chancellor George Osbourne which removed a landlord’s ability to offset all of their mortgage interest, from rental income before they calculated the tax liability and allow a 20% basic rate deduction.

In its ‘Our Contract With You’, Reform says it will ‘scrap the 2015 tax changes for landlords’.

Reform adds that the tax system should encourage smaller landlords into the rental markets – not penalise them.

It adds: “We will restore landlords’ rights to deduct finance costs and mortgage interest from tax on rental income.”

The Contract also pledges to abolish the Renters (Reform) Bill – which Labour and the Conservatives have said they will revisit after the election.

Unveiled the party’s election pledges

The party’s leader Nigel Farage unveiled the party’s election pledges in Merthyr Tydfil, south Wales.

Among other housing issues raised by Mr Farage is that rents are up by 25% since 2021.

He said: “Is it any wonder with an exploding population rents are going up?”

Mr Farage also said: “I’m absolutely in no doubt that we are in decline culturally, we’ve begun to forget who we are.

“We are a party that know what we believe.”

He also says that rising immigration is the ‘dominant issue’ in the election – and the country needs to ‘build a new dwelling every two minutes just to deal with the current levels of migration’.

Reform social housing law

Reform will also reform social housing law to prioritise ‘local people and those who have paid into the system’.

It says that in parts of the UK, ‘almost half of all social housing is occupied by someone born overseas. Foreign nationals must go to the back of the queue. Not the front’.

Reform is also planning to ‘fast track planning and tax incentives for the development of brownfield sites, including unused offices and vacant high street properties’.

Mr Farage says that Reform will ‘restore trust in politics’ and adds: “You might dislike what we say, you might not even want to vote for what we say, but at least we do say what we mean.”

Five core pledges from Reform

Reform has five core pledges, including freezing ‘all non-essential immigration’ to help ‘boost wages, protect public services, end the housing crisis and cut crime’.

The party says it will also ‘stop the boats’ in its first 100 days, with a plan to leave the European Convention on Human Rights (ECHR).

The tax cuts promised by Reform include:

Raising the minimum threshold of income tax to £20,000 a year
Abolishing stamp duty
Abolishing inheritance tax for all estates under £2m
Cut £50billion off public spending
Leave the European Court of Human Rights
Incentivise the use of new construction technology
More new apprenticeships and vocational courses will increase the supply of skilled, well-paid workers to replace cheap overseas labour.

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Tags: general election, Landlords, nigel farage, Reform UK, Reform UK Election Pledges, Reform UK on Immigration and Housing, section 24, Section 24 Impact on UK Landlords, Tax Relief for UK Landlords

Comments

Liam

Member Since March 2024 - Comments: 40

2:18 PM, 17th June 2024, About 2 years ago

Is it me or are Reform talking more sense than any party in the last 20 years?

How can anything ever change if we vote the same 2 party’s in, like we have done for the last 100 years?

Time for a change? Time for Reform? I can’t speak for anyone else but they’ve won my vote that’s for sure.

33 Report Comment Reply
Harlequin

Member Since May 2014 - Comments: 271 - Articles: 2

2:24 PM, 17th June 2024, About 2 years ago

Reply to the comment left by Liam at 17/06/2024 – 14:18
Too late – and it’s not going to happen, lovely thought.

2 Report Comment Reply
Sue Sandy

Member Since June 2024 - Comments: 1

2:27 PM, 17th June 2024, About 2 years ago

I do worry that they shout loudly on some policies, but have no experience in other areas eg education. I have to balance policies across a number of subjects before deciding who to vote for.

38 Report Comment Reply
Mohammed Akram

Member Since June 2024 - Comments: 1

2:27 PM, 17th June 2024, About 2 years ago

Promises or pledges need to be paid for , can they provide figures of where they will get the funds to pay for these.
Sounds good on paper for landlords .

Same guy who told us if we voted brexit we would save the NHS!!

Says it all

13 Report Comment Reply
Elena Sh

Member Since January 2023 - Comments: 22

2:27 PM, 17th June 2024, About 2 years ago

REFORM UK . We must give the chance to them to save what is the left of the UK

16 Report Comment Reply
Liam

Member Since March 2024 - Comments: 40

2:30 PM, 17th June 2024, About 2 years ago

Reply to the comment left by Harlequin at 17/06/2024 – 14:24
It did happen in France with Macron and his new party. Not that he’s well liked of late, or so I hear.

Even if Reform don’t get a single seat but have a higher vote share than say, the Libdems then their policies are too big to ignore for the ruling party and opposition. So regardless of what anyone says it’s not a wasted vote and it won’t “put Labour in quicker” as some Tory’s are claiming.

As you say though, it’s too late for the landlords who have been alienated by the attacks of the last 10 years and have/are leaving. They won’t ever be coming back.

14 Report Comment Reply
Liam

Member Since March 2024 - Comments: 40

2:33 PM, 17th June 2024, About 2 years ago

Reply to the comment left by Elena Sh at 17/06/2024 – 14:27
Totally agree… If we vote the same 2 party’s nothing will ever change. Like I said, they’ve got my vote!

12 Report Comment Reply
Stella Read Full Bio

Member Since May 2014 - Comments: 616

2:36 PM, 17th June 2024, About 2 years ago

Reply to the comment left by Liam at 17/06/2024 – 14:18
I will vote Reform in 2029

I have no choice but to vote Conservative this time around.

I have just been listening to GB News where they say that CGT will at least double under Labour and that would ruin me and I suspect lots of other landlords.

Top priority is to KEEP LABOUR OUT

9 Report Comment Reply
Ann Shaw

Member Since August 2015 - Comments: 49

2:44 PM, 17th June 2024, About 2 years ago

Well, as a lifelong Tory voter, I am now jumping ship and voting “Reform”

17 Report Comment Reply
northern landlord Read Full Bio

Member Since March 2022 - Comments: 363

2:56 PM, 17th June 2024, About 2 years ago

While Reform do seem to have some good ideas for landlords they are not going to get in. With our first past the post electoral system there are no prizes for being second or third. You could have the situation where more people in the Country overall voted Reform than Conservative but Reform could get very few seats and the Conservatives could still be the opposition, it is a case of voter distribution. Similar thing happened to UKIP before. Our establishment is set up to preserve our establishment and who is actually in Government does not matter that much.

1 Report Comment Reply

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