16:06 PM, 8th December 2016, About 5 years ago 21
Former member of the Bank of England’s Monetary Policy Committee, Dame Kate Barker, has warned the Treasury Select Committee that families could lose their homes as a result of extra tax burdens on landlords through Section24 reduction of mortgage interest tax relief.
Dame Kate said that these changes will affect the housing stock and that many families who have been in their homes for a along time could be forced to move, “because the buy-to-let landlord no longer finds the yield acceptable or can’t afford it.”
To see the original article from Property118 on the effects of Section24 on landlords when it was announced in the Summer Budget 2015 please Click Here.
In an independent review of UK Housing Supply for the Government, Dame Kate indicated that hostility to landlords and increasing uncertainty about their tax treatment would likely reduce future investment in the PRS.
This has come after months and years of hard work and campaigning by the Property118 team and in particular Dr. Rosalind Beck who also made separate representations to Dame Kate. We believe we influenced her change of heart on this and are very pleased she has felt able to speak out against Section 24.
To See Dr. Beck’s comprehensive report:
Section 24 of the Finance (No. 2) Act 2015: “the unjust legislation that will make the UK housing crisis much worse.”
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