Warning to Government that families may be made homeless by Section24

Warning to Government that families may be made homeless by Section24

16:06 PM, 8th December 2016, About 5 years ago 21

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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

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:time bomb

Section 24 of the Finance (No. 2) Act 2015: “the unjust legislation that will make the UK housing crisis much worse.”

CLICK HERE



Comments

by Whiteskifreak Surrey

11:42 AM, 6th January 2017, About 5 years ago

Reply to the comment left by "Jonathan Clarke" at "11/12/2016 - 15:46":

Hi Jonathan,
We were waiting long enough, but since there is no hope for S24 to be abolished, we must increase our rents. The Tenants are excellent and we really do not want to do this, but we will be affected by S24.
Do you (or anyone else, good people here) happen to have a good template of:
1. a letter to the tenants explaining what has happened and why the rent MUST rise
2. a template of a letter to the local MP, which can be supplied to the tenants asking them to write to their MP?
3. any other document any of you plan to send to tenants?
I know that there were templates here already published, however it was some time ago and they might not be quite suitable in the recent circumstances and (hopefully) raising awareness of the tenants.
Thank you very much in advance.
Whiteskifreak


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