Section 24 – Any movement?

by Readers Question

9:02 AM, 23rd September 2019
About A year ago

Section 24 – Any movement?

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Section 24 – Any movement?

Having just seen on the forum, a worrying question answered with a successful and direct approach into the government’s housing sector team, where can we find ways to approach the correct department to lobby for any change to section 24 of the Finance Act?

By now lots of us have had to submit 2 returns. Sadly almost 40% of my turnover is taken up with finance costs. I’m exploring various schemes, but is certainly has bitten and it’s sad to see some of my colleagues having to sell up. I haven’t seen much around the web lately.

Does anyone know if there are plans to keep lobbying, has anyone any suggestions who I can write to to ask, other than my MP?

Karen

Today I launch my comprehensive report on Section 24 of the Finance (No. 2) Act 2015


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Comments

Dr Rosalind Beck

11:25 AM, 23rd September 2019
About A year ago

Hi there.
The department to approach is the Treasury. However, they have always replied with sophistry. You could try again and let us know how you get on. You might want to look at this first.

https://www.property118.com/treasury-response-to-section-24-report-by-dr-rosalind-beck/92358/

Mark Alexander

12:02 PM, 23rd September 2019
About A year ago

In our experience, there are solutions to most problems, but there is no 'one-size-fits-all' tax planning solution.

That's why we offer bespoke tax planning consultations - see https://www.property118.com/tax/

Whiteskifreak Surrey

12:22 PM, 23rd September 2019
About A year ago

Reply to the comment left by Mark Alexander at 23/09/2019 - 12:02
So basically what you are saying Mark is: no more action as it is senseless, nobody listen and never will. Let's all convert to Ltds...
What happened with the high hopes a large number of this forum's participants had with BrexS**T, Farage's BreS**T party and Boris?

Mark Alexander

12:33 PM, 23rd September 2019
About A year ago

Reply to the comment left by Whiteskifreak Surrey at 23/09/2019 - 12:22
NO, that's not what I am saying at all.

Transferring to a Limited Company is just one of many potential solutions. There is no 'one-size-fits-all'.

I say plan for the worst, hope for the best and carry on campaigning, because Section 24 is simply wrong.

I have solved the S24 tax problem for myself and helped hundreds of other landlords to do the same. That doesn't mean any of us should stop campaigning though.

Most politicians are not listening, that is very clear, but we need to continue to tell hem what the consequences of their decisions will be so that they cannot dispute that they were warned as the housing crisis continues to intensify.


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