Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
Professor Philip Booth has spoken out against the Chancellor’s latest attack on landlords in the 16th March Budget.
This is his statement:
‘The 2016 Budget was not a good Budget for tax neutrality. Once again, the abandonment of this important principle was extended in an adverse way to buy-to-let landlords. Capital gains tax was – quite rightly – reduced, but not for this group. This essentially means that the government is deliberately biasing the tax system against investment in bricks and mortar – in other words against investment in shelter for those who must rent.’
Professor Philip Booth is Professor of Finance, Public Policy and Ethics at St. Mary’s University, Twickenham. At the Treasury Select Committee on the 2015 Summer Budget he stated that the tax grab against private landlords ‘didn’t make sense,’ later adding:
‘To put it quite bluntly, this is an elementary undergraduate public finance error that should not be made in the Treasury.’
At the same Treasury Select Committee, Paul Johnson, of the Institute of Fiscal Studies stated it was ‘plain wrong’ to prevent one business sector from offsetting the costs of producing taxable profit.
In the face of this seemingly relentless attack on landlords by George Osborne, we as landlords are no longer passively accepting our fate. Negotiations by major landlord bodies appear to have got nowhere, so legal action is imperative.
And since part of the legal case concerns the discriminatory nature of the Government’s actions against us as landlords, this latest outrageous exclusion of landlords and treatment of us as the only business not to benefit from the CGT reductions can surely only strengthen our case.
Professional qualifications of Professor Booth:
• Fellow of the Institute of Actuaries, 1991 onwards
• Fellow of the Royal Statistical Society, 1990 onwards
• Certificate of Finance and Investment of the Institute of Actuaries, 1989
• Honorary Member of the Society of Actuaries of Poland, 1997 onwards
• Fellow, Blackfriars Hall, University of Oxford, 2010-2011
• Member, the Mont Pelerin Society, 2007 onwards
• Editorial and Programme Director, Institute of Economic Affairs (1st September 2002 – present)
• Previously Professor of Insurance and Risk Management, Cass Business School and other positions within City University, 1988-2015
• Associate Dean, City University Business School 2001–2002
• Adviser on Financial Stability to the Bank of England 1998-2002
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