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

by Dr Rosalind Beck

15:53 PM, 24th October 2016
About 2 years ago

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

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

Today I launch my comprehensive report:time bomb

Section 24 of the Finance (No. 2) Act 2015: “the unjust legislation that will make the UK housing crisis much worse.”

I would like to thank all of those who have contributed to this report, which I hope will have a significant impact in our campaign to reverse this insane legislation.

With the publication of this report we call on the Government in the Autumn Statement to take what might be the last opportunity to remove this legislation from the statute books. Similar legislation in Ireland has been seen to have been a mistake and is currently being repealed – and we call on the Government to repeal the UK incarnation of this before it causes more damage than it already has done.

As readers/members of Property118 it is incumbent on us all to now to send this report to as many people as we can – to our MPs, to councillors, to any people we know who may have some influence. If this buy-to-let tax change begins to be implemented, as planned, from April 2017, landlords, tenants, letting agents, councils and so on are all going to be in the firing line. There is however time to reverse it now and we should all be making us much noise as we can to get it repealed.

When you write your emails with the report attached, it is worth pointing out that there is an executive summary and expert opinions pointing out how wrong this tax change is at the beginning of the report. You might also point people to passages that will be resonant for them. For example, if you are writing to your local councillor or the head of your local council you might want to point to the sections on how this is going to massively exacerbate the homelessness problems they currently face, as tenants on benefits are evicted to be replaced with working tenants who can pay more (as landlords have to maximise rents as far as possible to pay the tax on fictitious income).

To give a few further pointers, you might refer people especially to Section 19 where there is a table comparing different housing providers and their tax treatment – there is a very striking table which illustrates the injustice of this s24. Section 9 will also be of interest to many as the retroactive nature of s24 has not been given the attention it merits. It can be mentioned in this context that the Irish legislation in 1998 was not retroactive and still caused rents to increase 50% in three years. The case studies in Sections 3-4 are also particularly important in showing the dramatic and incredible tax increases for many portfolio landlords who are providing essential rented accommodation but who will not be able to for much longer.

The report is meant as a tool for us to use now to get the message across to everyone we can think of who has influence and/or who has the means to spread the message far and wide.

Good luck! We are in this together.

Dr Rosalind Beck

Click Here to download the Report



Comments

Gareth Wilson

18:48 PM, 24th October 2016
About 2 years ago

Please can everyone download and distribute this comprehensive dissection of Section 24 to every landlord, letting agent, estate agent and mortgage broker that they have contact with, along with their local MP, council housing department, council leader, or any other party they feel it pertains to.

Please also kindly SHARE this URL via Facebook and other social media platforms.

BTL INVESTOR SCOTLAND

21:10 PM, 24th October 2016
About 2 years ago

Excellent report. Well done to all those who contributed. I have sent a copy to my MP.

Simon Hall

21:53 PM, 24th October 2016
About 2 years ago

Very impressive report indeed! However, I very much doubt that they will ever "Read It".

Rachel Hodge

22:50 PM, 24th October 2016
About 2 years ago

Reply to the comment left by "Simon Hall" at "24/10/2016 - 21:53":

Sent to my MP too, attached to my response, to his latest response, to my last email, replying to his initial flimflam emails over the outrage. *head*brick*wall*

Well done Dr. Ros, this is a great reference point of facts. Thank you.

H B

6:06 AM, 25th October 2016
About 2 years ago

This is magnificent. Well-researched, well-written and well -presented. In places it is virtually irrefutable.

We should all share copies with our tenants too to let then understand our predicament. When they realise that we are effectively in the same boat it could add thousands more to the campaign.

Lindsey

10:54 AM, 25th October 2016
About 2 years ago

This is an excellent report. I have previously contacted my MP and been stonewalled; however, she has just sent a mailshot to constituents, asking for people to contact her with any issues they wish to raise. I will be sending her the report.

Christina Chivers

12:39 PM, 25th October 2016
About 2 years ago

It seems to me that the government is doing everything it can to reduce the very existence of private landlords. I can only speculate that this is so they can advance their own agenda in which they and favoured private companies are allowed to grow rich on these tactics, whilst the rest of us remain downtrodden and subservient. Afterall, isn't the middle class being systematically and deliberately eradicated by government and banker manipulation? The government wants to be in control of absolutely everything. The problem is, what little they do control is in complete shambles.

Edward Prentice

10:56 AM, 26th October 2016
About 2 years ago

Copy sent to my MP in Kent and also my two ward councillors, one is Leader of local Council and the other works as a property lawyer, so both should be interested. A lot of people here commute to London and elsewhere, so the PRS is an important part of the local property scene and reduction in numbers of available units will not be good. .

Chris Clare

11:39 AM, 26th October 2016
About 2 years ago

This is an excellent and well written report a huge thanks should be passed onto Rosalind and the other contributors for putting this together.

Would anyone mind if I used the case study, of Caroline in Plymouth, in some social media promotion? I am trying to do to get the word out, and I think her story is particularly emotive.

bjinldn bjinldn

12:09 PM, 26th October 2016
About 2 years ago

It seems to me the obvious solution for a level playing field would be to reintroduce mortgage relief for 1st time buyers rather than bankrupting the private buy-to-let landlord.
I wonder why nobody has suggested that?

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