Michael Gove, Section 24 and Mars bars?
2 years ago | 35 comments
Section 24 tax grab?
12:02 AM, 9th November 2023, 2 years ago
24
Hello, I’ll keep this short as those that know and those that don’t can find better explanations than I can give.
Last year’s rent rise for my tenants was 10% based solely on the effect of S24, the same will happen this year for the same reason.
What is being done by the industry to pressure the Treasury to rescind this tax? This is unique in that as far as I know no other business is taxed on its borrowings anywhere in the world.
S24 is responsible, in my opinion, for the exodus of landlords. I have 19 rentals and I am pretty low-geared, so I have some wiggle room, but I am now looking for alternatives and even selling some.
The tax burden on what is an essential service or industry is treating private landlords as nothing but a cash cow. With interest rates at this level, S24 could well be the straw that breaks the camel’s back.
Kevin
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Member Since October 2022 - Comments: 17
10:33 AM, 9th November 2023, About 2 years ago
Couldn’t agree more the NRLA needs to get tough on lobbying the government shelter labour mp’s gove because at the moment they are like the remainer aTeresa May negotiating Brexit pretty useless.
Member Since June 2013 - Comments: 1121
10:33 AM, 9th November 2023, About 2 years ago
Orginally intentioned by the champagne socialist George Osborne as Chancellor to stop BTL landlords getting ” tax relief” when owner occupiers didn’t, and buying property for investment, it became a tax on turnover by the way it works. Oh and generating loads of lovely money for the treasury.
It will never be rescinded by any of the lefty liberal marxist tenant vote loving parties. Which is the Glib Dems, Liebour, and Con- Servatives. None of which will get my vote.
Eight out of thirteen gone and the rest to follow by 2025. Money in the bank which won’t ring me at 2am telling me a gerbil has chewed through the electric cable and shorted out the property.
Member Since September 2023 - Comments: 173
10:44 AM, 9th November 2023, About 2 years ago
We need to start by being honest about what Section 24 really is.
It’s a Tory tax on tenants.
Member Since March 2023 - Comments: 41
10:53 AM, 9th November 2023, About 2 years ago
Reply to the comment left by Fed Up Landlord at 09/11/2023 – 10:33
Hi Fed Up Landlord
Where are you based? There might be a mutually agreeable solution.
Member Since May 2017 - Comments: 763
11:12 AM, 9th November 2023, About 2 years ago
Tenants need to realise that every time a landlord is kicked THEY are kicked
Member Since November 2022 - Comments: 7
11:27 AM, 9th November 2023, About 2 years ago
Reply to the comment left by Fed Up Landlord at 09/11/2023 – 10:33
Home owners I feel is fine as currently there is no CGT on PPR.
However S24 is a tax on borrowing not offset by CGT exemption. Taxed if we keep on the loans, taxed on extra profit if we pay off the mortgage and tax when we sell or die.
TAX TAX TAX.
Member Since November 2022 - Comments: 7
11:29 AM, 9th November 2023, About 2 years ago
Reply to the comment left by Small Portfolio Landlord at 09/11/2023 – 10:53
NE Essex.
How?
Member Since October 2020 - Comments: 1137
11:36 AM, 9th November 2023, About 2 years ago
“Solely” is overstating it when inflation and interst rate increases and reduced numbers of rental properties were contemporary factors. Lobbying is a dark art and detail matters.
Member Since March 2023 - Comments: 1506
11:46 AM, 9th November 2023, About 2 years ago
It wont be recinded by either party. Increasing the rent will make either party happy as you will then pay even more tax.
Member Since September 2023 - Comments: 335
11:52 AM, 9th November 2023, About 2 years ago
Anyone want to buy 4 quality homes all 3 bedrooms in a nice area with quality long term tenants, l have had enough.