Treasury response to Section 24 report by Dr Rosalind Beck
3:34 PM, 17th November 2016, 9 years ago
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Below is the response from HM Treasury to the comprehensive report written by Dr Rosalind Beck on Section 24 of the Finance (No. 2) Act 2015 “the unjust legislation that will make the UK housing crisis much worse.”
Click Here to Download the full report by Dr Beck
Please leave any (polite) comments you would like the Treasury to take on board and we will inform the HM Treasury that real landlords’ views of Section 24 can be found here.
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Late payment of rent by Letting Agency
Member Since July 2015 - Comments: 393
1:25 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Jim Parker” at “17/11/2016 – 17:42“:
Same as you Jim, since NE prices have fallen over the last 10 years or so and haven’t yet got back to where they were.
Member Since July 2013 - Comments: 1434
1:35 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Sunita Rickman” at “18/11/2016 – 13:02“:
“They would not listen, they’re not listening still”
ends
“Perhaps they never will”
Member Since April 2015 - Comments: 22
1:36 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “NW Landlord” at “18/11/2016 – 10:17“:
To offer some consistency to the logic, I would expect the government to disallow financial servicing costs from all business enterprises. So if I purchased equipment to build a ship let’s say, then the interest costs of the bank loan should also be disallowed from the operational profit calculation. How is running a buy to let portfolio different to any other business? What if I bought a fleet of cars and rented them out. The government should also deny me the right to claim the interest charge of the bank loan which I used to buy the fleet of cars. How did business finance suddenly not become a legitimate expense. Surely businesses debt financing costs constitute the purest example of an expense which is wholly and exclusively incurred in the running of the business? We borrow money to make money. The cost of the borrowing is an expense. How can it not be?
Member Since July 2013 - Comments: 1434
1:38 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Gary Nock” at “18/11/2016 – 09:18“:
I don’t see how you get an income from that approach.
Member Since December 2015 - Comments: 63
1:38 PM, 18th November 2016, About 9 years ago
Has anyone tried to see Nigel Farage to explain this to him and ask for his support. He will understand this and could be able to help?
Member Since October 2013 - Comments: 804
1:39 PM, 18th November 2016, About 9 years ago
Not for us it’s ‘relief ‘ coming directly out of the taxpayers pocket ?
Member Since November 2016 - Comments: 335
1:40 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Steve Wood” at “18/11/2016 – 13:38“:
Steve I think it would be bad idea as most Landlords in this country are from “Ethnic Minorities” therefore his intervention would indeed be counter-productive.
Member Since April 2015 - Comments: 22
1:41 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Steve Wood” at “18/11/2016 – 13:38“:
Brilliant idea
Member Since January 2016 - Comments: 32
1:43 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Michael Barnes” at “18/11/2016 – 13:35“:
LOL – I left that bit out on purpose Michael
As they say, Never say Never
They will eventually Listen – When the S**t hits the fan –
But regretfully I think it might be too late for Us.
Member Since August 2014 - Comments: 131
1:51 PM, 18th November 2016, About 9 years ago
Reply to the comment left by “Chris Naylor” at “18/11/2016 – 12:42“:
If that’s the case then please explain in simple language why BTL loans are considered to be commercial loans and as such are not covered/protected by the FCA? As opposed to residential loans which of course are covered/protected by the FCA.
Look, it’s a commercial loan right as such it should be tax deductible.