Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
With so little time left until the autumn statement, when we are hoping the Chancellor will announce a U-Turn on Section 24, is it still worth contacting your MP about it if you have not yet?
I think the answer is ‘Yes’, even if Philip Hammond has decided the fate of S24 already, one way or the other!
At this late stage it’s probably enough to email your MP (find the address here http://www.parliament.uk/mps-lords-and-offices/mps/ ). I suggest that in your email you emphasise that references in the media to PRS landlords enjoying ‘tax relief’ on mortgage interest are misleading and that what is proposed is a change in the generally accepted accounting principles (GAAP). The fundamental principle that is attacked by S24 is that the cost of business finance, like other business expenses, should be deducted from gross profit before calculating tax liability.
It may be worth including a link for her/him to download the comprehensive Property118 report. ( https://www.property118.com/wp-content/uploads/2016/10/6G0YKMd1Wf.pdf ) but given the short time scale suggest that he/she reads the executive summary at least.
Perhaps you can say in the email that although it is probably too late to influence the autumn statement, as your MP you want to make sure he or she is aware of what is going on and of its potential effect on tenants and on the general availability of rented housing.
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