Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "David Price" at "03/03/2016 - 14:56":

David that may be true. The problem is he cannot balance the books, he cannot directly put up income tax rates and so will look at whatever re-classification he can to increase revenue.

When the changes in the tax treatment for individual landlords was announced it was claimed to be unfair compared to those that purchased for cash so he announced the additional 3% stamp duty for all new purchases. The comparisons with corporate landlords may well prompt him to extend the restrictions to companies.

Large corporate landlords and insurance companies can raise money via investment bonds and will pay tax before distributing profits and therefore may support the removal of interest being offset against income for tax purposes.

With talk of rent increases of circa 35% over two years to collect the additional tax payable landlords have few friends and that includes those that will not be increasing rents or increasing them by a modest amount.

Reply to the comment left by "Douglas Barley" at "03/03/2016 - 13:13":

Hi Douglas

If you were a crook you would have more protection and rights than we do as landlords.

Have you ever seen how hard it is for the serious crime squad to seize criminals assets. Yet the government cant just take ours claiming it is a tax.

The more they try and justify and extend the more they open themselves up to discrimination against one or the other

Eventually what are they going to do no companies can off set finance costs to obtain taxable profits they are a joke who haven't thought this through whatsoever

If George Osborne thinks that targeting corporate rental providers is going to help eradicate the anger he has created among the Tory Grass roots and their growing favouritism of Boris Johnson, he is gravely mistaken.

Osborne will always be known as a hypocritical, tax-dodging backstabber.

Reply to the comment left by "Gareth Wilson" at "03/03/2016 - 17:56":

No Gareth... what do you really think of George Osborne?

Reply to the comment left by "Markb " at "03/03/2016 - 18:14":

Haha! I think he's brilliant.

Reply to the comment left by "Gareth Wilson" at "03/03/2016 - 18:16":

I thought he was the government jester until someone told me that position had already been taken.

One aspect of the changes that has been under reported is the impact on child benefit.
In addition to all but wiping out my rental profit, from 2020 being unable to count mortgage interest as an expense I will lose all child benefit for my 3 children as my income + mortgage interest will make my 'paper' income over the the child benefit threshold.
John in example one on the spreadsheet would also be affected in the same way if he has children.
http://tinyurl.com/Budget-Proposals-2015
Could the spreadsheet be updated to reflect this lose too?

Any others on the forum affected in this way? Another issue to contact my MP about.

'Impending shortage' of asylum seeker homes - http://www.bbc.co.uk/news/uk-35719489

Now is clearly not the time for discouraging private rental supply and burdening councils yet further.

CALL TO ARMS

We have 14 days to create havoc for the chancellor and force a UTURN so we all need to do our piece now!

Discussing our problems on here won’t change anything; we need to get out into society TODAY!!! This means all of us need to write to the papers (local and national) and use the words they need to hear to back us to the hilt – Mps read papers and will hear through the media what a sham clause 24 is and hopefully help their constituents who will be affected. Tenants will be up in arms knowing it is them that will be hit worst and also join the cause.
We need to use headlines such as:

TRUTH BEHIND RENT INCREASES – they say market forces are increasing rents throughout the UK and although this may be true in certain areas it is far from the truth! Landlords who are being hit with Clause 24 are trying to avoid bankruptcy. Although it is 4 years before clause 24 takes full effect landlords are acting now in an attempt to save themselves from ruin – the landlords demise will mean mass evictions!

CHANCELLOR CREATES MASS EVICTION TIME BOMB!!!!! Landlords have warned the chancellor that they will need to sell their properties to avoid ruin – to achieve the best price a landlord will need vacant possession! This means tenants including hundreds of thousands (possibly millions) on low income will be forced to leave their homes – not because of their greedy speculating landlord but because of an ill thought out plan by the government!

CHANCELLORS PLAN TO HALT BOOMING HOUSING MARKET!!!!!
OSBORNE CAUSES HOUSING MARKET CRASH!!!!! When clause 24 takes effect landlords will sell in droves which will cause a saturated housing market…….

GEORGE OSBORNE SINGLE HANDEDLY RUINS MILLIONS OF LIVES – Clause 24 will ruin lives of landlords, tenants and all that depend on the buy to let market for their living including contractors & letting agents……..

LANDLORDS THROW IN THE TOWEL AND HEAD FOR THE SUN – BROKE AND DISILLUSIONED!!! For years, an army of landlords have housed millions of tenants at reasonable rents. Of course there are rogue landlords (fortunately the minority) but the majority are good professional law abiding people who have jumped through every hoop thrown in their direction: landlord registration, improved safety in properties, kept rent to a minimum and treated many tenants like family. Chancellor is forcing a wedge between them ruining relationships and seeing good tenants who have always paid their rent on time run out of town or forced to sofa surf and beg on the streets.

BLOOD ON THE CHANCELLOR’S HANDS!!!!! Where there are bankruptcies there are suicides – George Osborne is set to ruin many people’s livelihoods and pension plans……. People losing everything often take extreme measures including suicide

CHANCELLOR CHANGES BASIC BUSINESS PRINCIPLE: the chancellor plans to stop landlords reclaiming a basic business expense which will ruin the buy to let industry with one stroke of a pen – which industry will be next to go?

LANDLORDS COME OUT IN SUPPORT OF TENANTS – Thousands of landlords have voiced their concerns: If clause 24 goes ahead hundreds of thousands of tenants will need rehousing by Highly leveraged landlords forced to sell by the Chancellor

I am sure many of you will be much more creative in your thinking and know how to contact the news channels, charities, newspapers, social media campaigns, organize a march on Westminster etc

We have 14 days to change our world so please do all that you can today!!!! No more sitting on the fence or procrastinating – we can turn this around but it needs all of us! Write to the papers, the news channels, tweet, facebook and anything else you can think of to get our cause heard.

HELP US AND HELP OUR TENANTS! Please don't spend your time commenting on this post, use your time wisely and get your opinions out into the medai. Anything is better than nothing!