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

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

15:53 PM, 24th October 2016, About 8 years ago 29

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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 Similar legislation in Ireland has been seen to have been a mistake and is currently being repealed – and we call on the Government to repeal the UK incarnation of this before it causes more damage than it already has done.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 There is however time to reverse it now and we should all be making us much noise as we can to get it repealed.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


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Comments

Dr Rosalind Beck

12:11 PM, 26th October 2016, About 8 years ago

Reply to the comment left by "Chris Clare" at "26/10/2016 - 11:39":

Thanks, Chris. Yes, it would be great if you used Caroline's story. I hope others will also use relevant extracts in their campaigning. We know only a limited number of non-landlords will read the entire report so this is the way to go. You may have noticed there is a section later on which describes how she now has to evict tenants on benefits to replace them with workers. When this happens across the country where will these people be housed?

TheMaluka

13:11 PM, 26th October 2016, About 8 years ago

Sent to my MP, Michael Fallon.

Hi Michael,

Please read at least the executive summary of the attached pdf document
and appreciate that people like Charmaine Royce and me are not impressed
with the fallacious government rhetoric about level playing fields - an
insult to our intelligence. Your opinion would be appreciated, yours,
not that of the treasury or any other cabinet member.

Regards

Chris Clare

13:52 PM, 26th October 2016, About 8 years ago

Reply to the comment left by "Dr Rosalind Beck" at "26/10/2016 - 12:11":

Thanks for the permission and I couldn't agree with you more.

I have read the report in full and also passed it onto our MP Margaret Greenwood's office and pointed out that while her politics may apparently preclude her from assisting the perceived wealthy landlords perhaps she should look on this as assisting the potential 4.7 million tenants who could very well vote for her party. (no generalisation intended)

Fingers crossed.

Monty Bodkin

15:05 PM, 26th October 2016, About 8 years ago

Reply to the comment left by "Christina Chivers" at "25/10/2016 - 12:39":

It seems to me that the government is doing everything it can to reduce the very existence of private landlords.

It is not the same government though.
This was Osborne's brainwave for his own political ends, advised by inexperienced kids.
Hammond and May are traditional core value Tories.
Watch the autumn statement. No full U turn but a gradual erosion with adjustments over time as the obvious disastrous consequences unfold.

Pete

8:13 AM, 27th October 2016, About 8 years ago

Reply to the comment left by "Gareth Wilson" at "24/10/2016 - 18:48":

I agree that we should collectively send emails and copy of the report to every MP and councillor . Im sure they dont realise the full impact on the housing issue. And grief caused to tenets as well as landlords.
Cant seem to attach my email and the reply i had.
but in short my councillor had no inkling of the effect it would have , but said will pass it on to the MP Mr Chishti (by the way hes useless)
and voice her concerns.
Please every one lets give our councils a big awareness lesson of the possible impact may happen to the social housing

Eden Lan

17:37 PM, 27th October 2016, About 8 years ago

HI

Very comprehensive report. Well done. Sent the reports to both Westminster MP's, to the PM and Hammond at enquiries@hmtreasury.gsi.gov.uk. I also sent it to Westminster council .

Dr Rosalind Beck

18:03 PM, 27th October 2016, About 8 years ago

Reply to the comment left by "Eden Lan" at "27/10/2016 - 17:37":

Thanks, Eden. If others can do likewise that would be great.

ray selley

19:26 PM, 27th October 2016, About 8 years ago

Sent report yesterday to my MP Simon kirby recently appointed Economic secretary to the Treasury..He has already replied and said he is grateful for drawing his attention to the matter and will immediately raise the issue with the treasury.He has promised to get in touch again ASAP

Dr Rosalind Beck

19:41 PM, 27th October 2016, About 8 years ago

Reply to the comment left by "ray selley" at "27/10/2016 - 19:26":

That sounds excellent, Ray. Let us know what else you hear. Please can everyone else try and send it out as well to whomever you think might be able to do something with it?

Pete

21:29 PM, 27th October 2016, About 8 years ago

Let us have his email address as let's all email that MP at least he will know there are lots of us who what this motion to be stopped.
THANKS

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