Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Stewart Jackson" at "10/02/2016 - 07:54":

Belvoir Lettings have come on board in a fantastic way. Hopefully others will soon follow suit. My local letting agents has also asked me this week how they can help (early on in the campaign they ignored quite a few of my emails explaining C24). I wrote an article for them a few months ago and with all the national publicity it seems they have really cottoned on. I said I would give them all the information once the crowdfunding starts again, write a brief piece to accompany it if they want and urged them to then pass it to all landlords, tenants and other letting agents. They're starting to realise how this is going to hit their businesses.
Hopefully ARLA will send a message 'downwards' to them all too.

Hi Mark
Someone has contacted me who is also thinking of going to live abroad as she has a large portfolio and faces potential ruin because of C24, but she said she has heard that if you have your main centre of activity in the UK, they will still count you as tax resident even if you spend most of the year in another country. I gather you know a fair amount about this - have you checked it out with the tax authorities? I can then hopefully reassure her.

Reply to the comment left by "Ros ." at "10/02/2016 - 19:44":

Hi Ros

Yes I’ve checked out my plans very thoroughly and I strongly recommend your friend to do the same because the rules are very complicated and everybody’s circumstances are different.

As well as taking professional advice in both Malta and the U.K. I also took the liberty of explaining my personal strategy to Megan Shaw at the HMRC when I met her at a meeting at The Treasury.

My wife and I will still be UK tax-payers in terms of the rental properties We retain in the UK but we will not pay UK tax on worldwide income, i.e. our rental properties in other countries and our Consultancy income which will all be earned and taxed in Malta (where will be resident for tax purposes) as of the next tax year.
.

Top lettings analyst says buy to let changes may mean higher rent, less stock:

https://www.lettingagenttoday.co.uk/breaking-news/2016/2/top-lettings-analyst-says-buy-to-let-tax-changes-may-mean-higher-rent-less-stock

“Those who need to rent - students, overseas, people in debt, those waiting for social housing - are likely to see a hike in rents. And if buy to let reduces, the tax expected to be raised from the increases may not then be able to fund the first time buyer initiatives”

“So why on earth is George Osborne ignoring the money that investors could put into building instead of buying existing homes? Many landlords with £100,000-plus could help to create new homes. So where are the ‘mini Build To Rent’ sector initiatives for smaller landlords who are established and want to continue to expand their portfolio?”

Reply to the comment left by "Mark Alexander" at "10/02/2016 - 21:00":

"I spoke to Megan Shaw at the HMRC when I met her at a meeting at The Treasury"

So Mark, what was Megan Shaw's reaction to Clause 24? I emailed her, she cam,e back with a pretty PC non descript reply. After my second email she said she had passed my comments and spreadsheets onto her colleages at the Treasury!!

I am getting angrier and angrier with this Govt. They seem to be dismissing everything apart from what THEY WANT TO IMPOSE!

Reply to the comment left by "Stewart Jackson" at "10/02/2016 - 07:54":

Stewart (and anyone else that is interested),

In relation to RLA, NLA, ARLA, etc....

We have no axe to grind and want to work with as many people and organisations as possible. A key statement from Chris and I from day one has been:

"Let's work together"

In practice this is proving more difficult than we had hoped but I can assure you that is not for want of trying and pushing from our side.

Chris and I have spent about 25% of our working time on the Judicial Review for the last two months (unpaid obviously) and are running up hefty financial costs that are now in the tens of thousands and are coming out of our own pockets.

Support from individual landlords and many letting agents has been immense - thank you!

Now we just need more of the larger organisations to get behind us in whatever way they can.

The JR application is coming on really well and as stated previously - HMRC missed the deadline to respond. Our application needs to go in next week. Chris and I have been working with a large and highly capable team of volunteers in the background who have been doing a ton of great research and working with our lawyers daily to do the best job we can,

We will keep you all posted as things develop.

Signing off at 3.20am with a smile 🙂

Reply to the comment left by "Steve Bolton" at "11/02/2016 - 03:20":

That's great Steve.
I know you must be facing an uphill struggle.
A few days after last summers bombshell, I suggested to several key players that collaboration between Trade Associations, Internet forums, etc would be very important if we are to win this battle.
I was advised that due to professional rivalries, this would highly unlikely to happen.
I know this won't be popular with a lot of members, but I come from a strong Trade union background. As the old mantra does, United we stand, divided we fall.
Please keep up the Stirling work that you, Chris and all the unnamed volunteers are doing. Regardless of the outcome, we all you an enormous Thank You.

Did HMRC acknowledge receipt of the pre-action protocol letter?

I am curious if they are simply "late" in responding to it or have decided to not respond to it at all - which must be at least 1 mark off in the eyes of any Judge isn't it?

Good morning Steve
It's humbling to read that you are working at 3.20. If I can assist in any way I would like to. If so I presume I could reach you via your own Platinum Partners Property website?
Also, well said to Worried by Budget too. Working together is going to be vital.
I was disgusted to read the comments by Alan Ward (RLA Chairman) in his editorial on page 3 of the Jan/Feb Residential Property Investor. I quote from what appears to be a graceless swipe at the Judicial Review initiative
"The RLA has not gone cap in hand to landlords for funds".
Really Alan? Then what have you done? And no one from PPP went Cap in Hand to landlords (what in impertinent phrase). They took the initiative Alan. And hundreds of landlords responded. That's how to do it.
Please let me know if I can assist, Steve.

Reply to the comment left by "Stewart Jackson" at "11/02/2016 - 08:58":

Indeed. The RLA should be taking note that hundreds of landlords felt so woefully unrepresented that they felt the need to back a complete stranger's horse.

There are times when being unconfrontational behind the scenes is the right thing to do. Probably most of the time. But there are occasionally times when they need to stand up and be heard. They don't appear to have recognised this as one of them.

Since the launch of the JR campaign there has been a noticeable swing in reporting. Even if the JR campaign is fruitless the PR opportunity is worth every penny.

It's one thing not to participate. It is another to mock. It shows they are weak, complacent and don't know where to go. Landlords have been unrepresented. The government knows this. It's time to step up.