UK housing market remains stable despite election uncertainty
2 years ago | 2 comments
Reform UK says it will abolish section 24 for landlords
2:06 PM, 17th June 2024, 2 years ago
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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.
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
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2 years ago | 39 comments
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2 years ago | 12 comments
Member Since March 2024 - Comments: 40
6:32 PM, 17th June 2024, About 2 years ago
Reply to the comment left by Reluctant Landlord at 17/06/2024 – 17:51
Personally I think you are wrong and here’s why:
The will of the people is a powerful thing. Don’t let anyone fool you you’re vote will be wasted by not voting in the traditional manner.
We have already discussed UKIP in this thread. I looked it up and UKIP only ever won 1 seat – it was a Tory MP who defected then won the next time around. UKIP did have a couple of other MPs but they were more defectors and didn’t manage to win their seat at the next election.
2 thirds, if not more, of parliament were and are remainers (most probably because they were eyeing EU positions after their time in British politics was over). Despite all this a referendum was given to the people to decide. Why was that when the majority of people in positions of power didn’t want it. I believe it was because the people wanted it. The vote share UKIP had ment it was too big to ignore the issue of EU membership. If the people in power didn’t act then their power would be chipped away at. The only thing people in power want? More power. So losing it would never do.
Making someone believe their vote is meaningless if they use it for anything other than the traditional 2 party’s is a fine tactic. I’d encourage you not to do it to other people here when there really could be some change to the last 100 years of history.
Even if Reform don’t get a single seat it’s not a wasted voted – a large vote share because of their policies is something the main party’s will not be able to ignore.
You also claim it’s about challenging Labour – if you look it up there was cross party support for the RRB. The Tory’s and Labour were working together on it and Labour said they wouldn’t oppose it (even without the amendments of the lunatic communist Mathew Pennycook). The conservatives will not challenge Labour, they will make amendments, some will probably be adopted and some won’t. Surely the last 10 years have shown you that the Tory’s are no friends of the landlord regardless of how much worse Labour could be.
Of course you are entitled to your view and I respect that, but I do think you’re wrong.
Member Since March 2024 - Comments: 40
6:39 PM, 17th June 2024, About 2 years ago
Reply to the comment left by Natty at 17/06/2024 – 18:21
A bit disappointing is an understatement. They are red dressed in blue.
I cannot, in good faith, vote for such an outfit that has introduced such rules and regulations for landlords.
Member Since December 2023 - Comments: 1575
6:55 PM, 17th June 2024, About 2 years ago
This is what Labour have to say…
?? ??????? ?????? ?? ? ????, ?????? ??? ?????????? ℎ??? ?? ? ????? ℎ???? ????. ?? ??? ?? ?ℎ?? ??????? ?ℎ???? ?? ?ℎ???????? ???ℎ ℎ??????????? ??????? ?? ?ℎ??? ??????????.
???, ?????? ?ℎ?? ??????? ????????, ??’?? ℎ???? ???? ?? ??????????? ??????? ????????? ??? ?ℎ? ℎ?????? ?????????. ?ℎ?? ?? ?????????.
?????????? ????????? ??? ℎ??? ???? ?????? ?? ℎ?????? ??????. ??? ?ℎ?? ℎ?? ? ???ℎ ??????? ?????? ?? ??????? ?? ?????????? ??????? ?? ????? ?????ℎ ????????? ?????????? ℎ????.
?? ????? ????? ?? ?? ? ℎ?????? ????????? – ???? ?? ??? ????????? ??? ???? – ??????? ?ℎ? ?????????? ????? ??? ??? ???????ℎ?? ???? ?????? ℎ???? ?ℎ?? ?? ??????. 260,000 ?????? ℎ???? ℎ??? ???? ???? ?? ?ℎ? ???? ??? ????? ?????.
?ℎ??’? ?ℎ? ??’?? ??????? ?? ??? ?? ℎ??? ?? ??? ?ℎ? ??????? ??? ?ℎ???: ???? ???????????? ??? ????? ?????? ℎ?????? – ℎ??? ?? ?ℎ??? ?ℎ?? ??????? ?????.
This must be Diane Abbott’s maths at play.
Lost 260,000 homes in the past ten years. Many more homes have been built. The demolished ones will have been dreadful homes and 260,000 homes wouldn’t house last year’s net migration number.
Member Since June 2019 - Comments: 761
6:56 PM, 17th June 2024, About 2 years ago
Those saying that UKIP didn’t get an mp are factually correct BUT they got more votes than ALL of the Scottish mps added together!
If we had a fair voting system they would have had a lot of mps.
Member Since May 2017 - Comments: 130
7:01 PM, 17th June 2024, About 2 years ago
As a fairly recent ex landlord I must confess I’m very relieved about 5th July onwards. Seems all political parties (including raving lord Nige) are very out of touch with the PRS!
Member Since December 2023 - Comments: 3
7:24 PM, 17th June 2024, About 2 years ago
Reply to the comment left by graham mcauley at 17/06/2024 – 16:18
Maybe they’ll use some of the £350 million that was supposed to make it to the NHS or shake the magic money tree ?? . when you’ve read their so called manifesto , then have a watch of the Led by Donkeys video on Farage and his elitist past – truly a man of the ordinary person – I think not. Always better to hear both sides of a viewpoint then make an informed decision
Member Since August 2023 - Comments: 44
8:56 PM, 17th June 2024, About 2 years ago
Reply to the comment left by Purnima Obhrai at 17/06/2024 – 19:24
Didnt think it would take long to hear from
a labour supporter lol, I will be voting Reform
Member Since May 2024 - Comments: 204
4:51 AM, 18th June 2024, About 2 years ago
I’m sure Labour will get in and I dread to think what they have in store for landlords.
The Conservatives have totally shafted landlords over the last 10 years or so.
Labour will be out to kill off any of us left.
I dont believe a word that Farage says, and they won’t get in, no matter how many landlords vote for him.
As far as I can see, at voting time all of the parties promise to fix everything (especially the NHS) and then at the end of their terms, nothing has been fixed.
I’ve lived outside of the UK for so long, I’ve not been eligible to vote for many years, although I now think that this has changed as
Conservatives are desperate new for people to vote for them?
As a landlord, I really just don’t see it worth my time and the cost of a postage stamp to vote for any of them.
Member Since September 2015 - Comments: 1013
7:45 AM, 18th June 2024, About 2 years ago
Reply to the comment left by Stella at 17/06/2024 – 14:36
….but any CGT will likely be reversed in 2029.
It won’t be forever!
Member Since September 2015 - Comments: 1013
7:50 AM, 18th June 2024, About 2 years ago
Reply to the comment left by TheBiggerPicture at 17/06/2024 – 15:25
The legacy parties are all in the pockets of WEF, UN & WHO.
Legacy is the operative word here, they had their time, it’s time for a new brush.