Summer Budget 2015 – Landlords Reactions

http://www.scottishhousingnews.com/6942/parliamentary-report-calls-for-significant-overhaul-of-scotlands-welfare-system/

Oooh! Brandon Lewis is praising us up (why doesn't he get off his arse then, and get these ridiculous attacks on us reversed?)

Oral Answers to Questions - Communities and Local Government: Rogue Landlords (14 Dec 2015)
http://www.theyworkforyou.com/debates/?id=2015-12-14a.1276.0&s=landlords#g1276.6

Brandon Lewis: ...what they need to be aware of so that they know what to expect, we have also published a guide for tenants, so they can clearly understand their rights and what to expect from a good quality *landlord*. We should be clear that the majority of *landlords* offer an excellent service and that tenants are happy with them.

http://www.standard.co.uk/news/london/thousands-of-unwanted-newly-built-homes-set-to-be-dumped-on-the-london-market-a3136741.html

Just a quick note to say that the promised article about QNUPS has now been posted - link below
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Just completed a quarterly questionnaire for the NLA and at the end they asked if I could send one message back to the government or lenders etc what would it be?

My reply: Get rid of that thief called George Osborne! Removal of interest as a business expense should not be retrospective, this is blatant theft. How can we talk about human rights around the world when our own government steals money off its people? They are destroying the lives of landlords who have had their mortgages for over 10 years now, you can't do that!
The RLA and the NLA should be ashamed of themselves by not organizing direct action against this oppressive government. They should organize some kind of protest of defiance which should include as a starter to boycott the government for any future talks or consultation. There is no compromise with a thief and that is exactly what they are!
All existing mortgages should be able to run their term with full tax relief.

They then finish by asking "is there a question that you think we should be asking our members?" My reply: ask your members if they think that the NLA should boycott the government.

Does it do what it say on the TIN?

It just occured to me that every day I spend time liaising with sales and letting agents and tradesmen and service providers of all kinds including rade associatins, many of them smaller firms and independent traders.

Prior to the publication of legislation HMRC produces a Tax Impact Notice to show the, or range of, likely imapacts on the cashflow and ultimate levels of tax emanating from the proposed legislation.

The ostensible intent behind C24 is to reduce relief received by landlords although most of those targets know that it is likely to result in a change of behaviour if no more than to act as a deterent to new entrants.

If that's correct, and the PRS shrinks as a result of exits and sales to homebuyers (a stated government desire) that not so small army of employees and self employed will all be negatively affected, householders are far more likely to enage in DIY than many smaller landlords. I wonder to what degree the TIN reflects that.

Reply to the comment left by "Roger Rabbit" at "16/12/2015 - 00:25":

True, but Osborne has wiped out most of the post tax profit from which I was going to make capital repayments. Ergo the only way to maintain free cashflow at the same pre C24 level and reduce my gearing is to dramatically increase gross yields whilst excepting the new lower net yoeld; otherwise known as a rent hike.

Reply to the comment left by "Roger Rabbit" at "16/12/2015 - 00:25":

Easier said than done. I would like to discharge my mortgage completely but it is just not possible in a four year time frame. Mine was a twenty year plan and is is near impossible to significantly alter that without closing the business and in the process losing my pension.

There are many investors who entered the BTL business in the very low 0.5% interest rate environment in 2009 and have made good money. They would not have necessarily had the same sustainable business if they had entered when the base rate was 5% let alone 10% as it was in 1983 when i bought my first investment property.

George Osborne`s recent tax changes are a whammy. Interests rate rises will be the double whammy. I don`t like it any more than the next person but that`s business for you.

I didn't complain when every other week as rates went down I got a letter through the door saying my mortgage payment was going down as of next month by maybe £60 £90 or £120 . On one property the product I took out with BM was 0.34% below base. The letter showed my mortgage payment to be £0. Their computer could not cope with BM actually having to pay me for my mortgage with them . I was getting £750 pcm rent on that property . It was surreal. No one expected that to happen.

When you get multiple letters through your door like that you do think I could go and by that new car now. But you know that the reverse letters will come through as well some day so after saying... Wow ... you say... Whoa. You plan for the bad times as well as the good.

What has happened has to be seen I believe in a much broader political , economical and historical context than my own personal pain.

Fight it yes of course I am totally behind that. But any fight has got to have an effective coordinated strategy. The government expect petitions. They get hundreds of them every day on every subject under the sun. That`s why MP`s have a corporate pre printed letter in response to a policy even before the policy is announced.

They are politicians they plan for public revolt and for people who attempt to scupper their plans. I am a landlord and investor so I should plan for revolting politicians that try to scupper my own plans

I feel one has to look towards history to see what government policies have been overturned by public pressure and why . Follow their lead.
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In this morning's Presidential debate:

"Former Hewlett Packard CEO Carly Fiorina said help from the private sector should be sought to fix an "incompetent" government"

Yup!