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

Gromit

Member Since September 2015 - Comments: 1013

7:59 AM, 18th June 2024, About 2 years ago

Reply to the comment left by Natty at 17/06/2024 – 18:21
Labour will win whatever party you vote for!
What you’re voting for is who the opposition will be.

2 Report Comment Reply
Cider Drinker Read Full Bio

Member Since December 2023 - Comments: 1575

8:49 AM, 18th June 2024, About 2 years ago

Reply to the comment left by Gromit at 18/06/2024 – 07:59Exactly. I want a party with different views to be in Opposition.
It has to be Reform UK. The majority of people will not listen to the Tories. We need different voices and new personalities. Love him or hate him, Nigel Farage gets listened to.
Conservatives have colluded with Labour, Shelter, Generation Rent and the NRLA to shaft landlords.

5 Report Comment Reply
Jason

Member Since February 2022 - Comments: 203

9:57 AM, 18th June 2024, About 2 years ago

Reply to the comment left by Paul Essex at 17/06/2024 – 18:56
But we would likely have continuous hung parliaments. I love the idea of PR however I feel it will just bring unstable governments.

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Gromit

Member Since September 2015 - Comments: 1013

10:01 AM, 18th June 2024, About 2 years ago

Reply to the comment left by Cider Drinker at 18/06/2024 – 08:49
Tories = consocialist (i.e. Labour in all but name)
LibDem. = Socialist in all but name
Greens = climate communists

All will effectively be supporting Labour and only make token opposition.

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Denise G Read Full Bio

Member Since October 2011 - Comments: 136

12:28 PM, 18th June 2024, About 2 years ago

Reply to the comment left by Liam at 17/06/2024 – 14:18Their ‘contract’ says exactly what I’d thought it would – loads of nativist nonsense, blaming immigrants for the deep-rooted systemic problems plaguing the country and pledging to launch a series of culture war battles. Their pitch, at its core, is an “us vs them” narrative designed to demonise vulnerable people across Britain. They will say ANYTHING to capture the votes of any large and disgruntled group – just like they did on the side of that bus!

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Christina

Member Since May 2024 - Comments: 2

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

Please think!
We love what Reform stand for and agree to their policies, BUT they can say and offer the moon! But they will not be in power to do so.
We have to keep the Torys in for now otherwise us landlords will be suffering from a Labour Government, There could even be CG tax on your own property when selling. The election is only between the 2 main parties. Reform cannot win, Vote Tory and aim to change the party after the event,

2 Report Comment Reply
Member Since August 2015 - Comments: 226

6:13 PM, 18th June 2024, About 2 years ago

Must add Nige to my Christmas list. Unfortunately he is likely to be forgotten by the as a red mist descends.

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Birminghamlandlord Read Full Bio

Member Since June 2024 - Comments: 5

2:44 PM, 19th June 2024, About 2 years ago

Another disillusioned lifelong Tory member….I will be voting Reform as they have a set of sensible policies for landlords and the country. Where is the money coming from you ask? Cancelling net zero taxation, rules and reforming the National Health service to be insurance based. Yes it seems almost revolutionary but it’s just common sense

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Birminghamlandlord Read Full Bio

Member Since June 2024 - Comments: 5

2:53 PM, 19th June 2024, About 2 years ago

Reply to the comment left by Natty at 17/06/2024 – 18:21
Natty you just have to take the plunge, things don’t change unless you change them

1 Report Comment Reply
Gromit

Member Since September 2015 - Comments: 1013

6:21 PM, 19th June 2024, About 2 years ago

Reply to the comment left by Christina at 18/06/2024 – 14:18
There is no way the Tories will win – lower than a snowballs chance in hell. They have scr***d things up so badly there is just no way they’ll win.

The more outrageous Labours tax plans the greater the chance they will only be in office for a single term. Putting CG on principle house sales will just gum up the housing market, nobody will move, Labour mobility will become non-existant, SDLT revenue will go through the floor. The knock-on effects will hit estate agents, conveyancers, surveyors, remove all businesses, and those that benefit from people moving house (and charge VAT).

It’ll be a massive own goal – in other words it will probably be implemented! 🙂

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