Thanks to the only accepted hate campaign in the UKMake Text Bigger
Thanks to the only accepted hate campaign in the UK, landlords are forced to take emergency steps or leave the market NOW.
Section 24 (introduced by our tenant friendly Einstein, George Osbourne) forces landlords to pay tax on their mortgage interest payments, yes money they paid as a legitimate cost of doing business and supplying housing to people who choose to rent or can’t afford to own yet. But big landlords won’t have to do this, why? I don’t know, but probably to take smaller landlords out of the market so rents rise and the big landlords can charge more because the sector is losing rentable houses at an extraordinary rate.
Its a bit like charging Taxi Drivers tax not on just their profits, which is normal throughout the world, but to also charge them tax at 40% on all of their expenses, fuel, car payments servicing, yes they’d be out of business in 2 weeks or so because no one can afford to pay tax on money that isn’t theirs, in their bank or profit as its known.
So what happens when landlords are faced with this?
- Rents go up to try to pay for demands from the Government – Result Families are asked to pay more rent as the money must come from somewhere – those who can’t afford it are left homeless
- Landlords sell their properties to save bankruptcy and tenants are evicted and are left homeless
- Landlord can’t sell the portfolio as there isn’t anyone prepared to pay enough to cover the mortgages – landlord is bankrupted and all tenants are evicted and homeless
- The landlord has millions in his bank account and pays these ridiculous taxes despite making a huge loss for years and tenants get to stay forever – (just joking folks).
The losers are Tenants (and landlords), most or all tenants are pushed to pay more rent or leave. This is because the Governments pernicious legislation, a tax on income targeted ONLY at the private landlord (because we are horrible people apparently), this is forcing rents to rise to unheard of levels (and they blame landlords in the press).
Landlords can’t afford to pay for endless fees for a plethora of legislation as all of their money comes from tenants. And the government despite their waffle don’t care about tenants.
Only landlords care about tenants, because tenants provide the rent to keep their business going, and that is why the vast majority of landlords and tenants get along very well and honour each others commitments, as they need each other. The rogues are a very small number but the councils are to bloody useless to deal with them, its easier to blame landlords than do what your paid to do?
Distraction distortion deflection!
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