Privacy Policy
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website,
www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” |
Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie |
First / Third Party |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Gromit
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up13:35 PM, 8th July 2016, About 9 years ago
Just emailed my submission to the Public Bill Committee.
Get your in fast as they will stop reading submission in 1 weeks time, send them to: scrutiny@parliament.uk
Herewith what I sent them. Please plagiarise as much as you like (but I suggest that you don't copy it wholesale - put it in your own words).
Submission to the Public Committee on Finance Bill 2015-16 to 2016-17
1. My background:
I have been a Landlord for 8 years and have built up a small portfolio consisting of HMO Student let’s. I chose to do this as an alternative source of income in my retirement so as not to be dependent upon the State, where returns on traditional pension savings where dwindling rapidly, and threat to the burgeoning cost to the Government of providing the State pension becoming less & less sustainable.
My ability to have an independent income in retirement and not be a burden upon the State is now in jeopardy.
2. Summary of this submission :
This submission will demonstrate how this proposal:
a. fails to meet the Treasury Committee’s own “Principles for Taxation Policy”,
b. is fundamentally unfair,
c. fails to “level the playing field”,
d. errors in the HMRC impact assessment,
e. fails to target accurately wealthy Landlords, and
f. could precipitate the destabilisation of the economy that the Bank of England has warned against
The ramifications of this prosed change will have a direct impact on a far greater number of Tenants as the type of Landlord so affected will own a disproportionately higher number of properties. The consequences on Tenants will be substantial rises in rent, and in some cases eviction. Worsening the already escalating homelessness figures.
3. The Treasury Committee produced a report “Principles of Taxation Policy” 2010-11 after considerable consultation and concluded the following principles that would form the framework for the determination of future taxation policy:
1. be fair.
2. support growth and encourage competition.
3. provide certainty.
Certainty about tax requires
i. legal clarity.
ii. simplicity
iii. targeting
4. provide stability.
5. be practical
6. be coherent
3.1 The proposed tax change is fundamentally unfair as it introduces a horizontal inequity within the community of Landlords. Affected Landlords will be deemed Higher or Additional Rate taxpayers (and tax accordingly); and will be deemed on support profits which are not actually realised. The tax payable in many cases exceeding the actual profits made.
3.2 Many private Landlords have already put on hold their future plans which have previously stimulated builders into developing new homes, and severally disadvantages private Landlords versus the incorporated competitors who are unaffected by the proposed measures.
3.3 Private Landlords entered the rental business based upon the certainty that normal taxation of business principles would be applied i.e. tax would be based upon the actual profit made after full allowance has been for the expenses of generating that income (profit =revenue – all expenses including finance costs). Property being an illiquid asset and the rental business being a long term business is even more dependent on certainty than many other businesses. The tax changes is supposedly targeting at wealthy Landlords however, many wealthy Landlords do not have mortgages on their properties and therefore will be unaffected. However, many middle income Landlords currently only Basic Rate taxpayers will be deemed to be Higher Rate taxpayers and face effective rates of tax 70%+ and in a number of cases 100%+ despite still only having an income below the Higher Rate threshold. The effective rate of tax increases exponentially with any increases in interest rates (and therefore finance charges).
3.4 The Bank of England has warned about the threat to economic stability from the BTL sector. Whilst there will always be an interest rate above which a business with borrowings becomes unviable (which is the case for any business with borrowings) increasing the tax burden will only lower the threshold at which a business become unviable, and if it falls within the realistic range that rates might rise to; could precipitate the very instability that the Bank of England wants to avoid.
3.5 The proposed tax change lacks coherence, for centuries the core principle of tax of businesses has been the equation profit = revenues less expenses. The change exacerbates the inequality that private landlords with substantial incomes already pay tax at 40% or 45% on their profit versus incorporated Landlords who only pay 20% on the same profit. The automatic consequence of this inequality is that any additional expenses whether it is finance cost or any other cost reduces the tax payable by 40% or 45%. It is this fundamental inequality/incoherence that gives rise to the anomaly that this proposed measure seeks to address. If the income from private residential lettings where taxed at the same rate as incorporated Landlords then this inequality would not exist and there would be no grounds for this measure.
3.6 Michael Devereux, professor of taxation at Oxford University, has also commented that: 'If you are trying to tax profit you have to give relief for the cost of earning it'. The Institute for Fiscal Studies, IFS, have stated that this proposal is “plain wrong”. There is a consensus among experts that the decision is wrong in principle
4. This proposed measure is fundamentally unfair because it taxes non-existent profits. It is retrospective in that it fundamentally changes the premise upon which Landlords entered into the lettings business often several decades ago, and it results in effective rates of tax that not even millionaires have to pay and can result that tax is payable even though no profit or even a loss has been made.
4.1 For example a retiree has gross pension income of £10,600, gross rental revenue of £100,000 non finance expenses of £20,000 and mortgage interest of £60,000 his rental income is £20,000 which under current rules would be taxable at 20% resulting in a tax bill of £4,000, under the new rules (assuming all other things being equal), The ‘deemed’ profit would be £80,000 resulting in a tax bill of £13,643 – an increase of 341% and effective rate of tax on actual profit of 68%.
4.2 Furthermore a rise of just £5,000 interest charges to £65,000 would increase the effective rate of tax to 84% on a lower level of profit, and a rise in interest charges to £75,000 (resulting in an actual profit of £5,000) would be liable to £10,643 tax or an effective rate of 213%!
5. The measure is intended to “level the playing field” with first time buyers/owner occupiers. The Institute for Fiscal Studies, IFS, has already stated that “rental property is taxed more heavily than owner occupied property”. Owner occupiers do not have to pay Capital Gains Tax, CGT, on sale of the property, couples can get up to £1 million relief from Inheritance Tax, IHT, have Help To Buy scheme assistance when buying, Help To Buy ISAs, and if taking in a lodger receive the first £7,000 of income tax free, and do not have to comply with the many laws relating to rental properties. The think tank, the Policy Exchange, confirmed this view noting that: 'In truth, the tax system massively favours home ownership’. Institute of Economic Affairs said that the decision “didn't address the problems of supply and planning restrictions and that the reasoning behind the decision didn't make sense.”
6. The impact assessment made by HMRC states that there will be no impact on Tenants, yet a survey by the Residential Landlords Association performed after the Budget announcement indicates that approximately 60% of Landlords intend to increase rent in order to fund this tax increase, and a significant number of Landlords will be selling up (and thereby evicting the Tenants) in order to sell with vacant possession. A Freedom of Information Request to HMRC said that that they didn’t know how many properties held by affected Landlords (and therefore Tenants and their families) would be impacted by these measures. HMRC estimated 330,000 Landlords will be affected by the proposal. On a prorata basis this would equate to about 1 million properties and about 2 million people. Most will face steeply rising rents starting immediately as Landlords spread the increase over the next 6 years, and a proportion will face eviction where local market conditions preclude significant rent rises forcing Landlords to sell up or in the case of Tenants on Housing Benefit to find Tenants able to afford the higher rents caused by the increase costs that Landlords will face.
7. The measure is purported to target only wealthy Landlords which is determined to be those Landlords who pay Higher Rate or Additional Rate Income Tax. However, the proposal first of all misses any Landlords who do not have a mortgaged rental property even though they may be Higher Rate/Additional Rate taxpayers, and secondly, it actually targets Basic Rate taxpayers which by excluding the finance costs in the determination of profit (even though it is still incurred) thereby inflating the rental profit and dragging the Basic Rate taxpayers in to the Higher Rate or even the Additional Rate tax bands. The measure does not affect Landlords where the properties are owned via a limited company even if the profits are far in excess of Higher/Additional Rates of Income Tax.
8. The Governor of the Bank of England, Mark Carney, has warned that the overheating in the BTL sector could pose a threat to economic stability. The most likely cause to precipitate this would be a mass sell off by Landlord’s which would only be likely due to a large and rapid increase in interest rates. As Lenders for many years have stress tested Landlords ability to pay the finance costs at rates of 6% or 7%, and require that the rent, at these interest rates, exceeds such repayments by 25%.
However, the imposition of a large increase tax cost substantially lowers the threshold at which a property becomes economically unviable, and therefore potentially could therefore precipitate the very destabilisation of the economy that the Governor has warned about.
8.1 the purchase of properties by BTL Landlords may well continue but through a limited company vehicle to avoid this tax, and will therefore only marginally slow the BTL sector and not help first time buyers.
8.2 the much talked about restrictions on the maximum LTV for BTL Landlords will have the same effect on the industry but without the ramifications Tenants.
9. CONCLUSION
The lack of consultation with the industry is blatantly apparent by the unfairness, the poor targeting, the lack of proper impact assessment, the creation of uncertainty and the threat to economic stability.
Whilst it is appreciated that the Government wishes solve the UK’s housing crisis, and to raise revenue for the Treasury. The proposal as it stands will have many unintended consequences which will have significant social and economic costs.
9.1 I would therefore urge the Committee to have this proposal put to wide-spread industry consultation so that it will be fair, properly targeted, maintain certainty, not risk economic stability and minimise unintended impacts on Tenants.
9.2 I would propose therefore that the Committee considers the following amendments:
9.2.1 restriction on tax relief would be applied only to new BTL property purchases;
This would Avoid the unintended consequences detailed above, provide certainty for existing Landlords, and “cool” the BTL sector;
9.2.2 assess if a Landlords income under current rules makes him a Basic Rate taxpayer and if that is the case not apply the restriction the tax relief on finance costs.
This would better target the wealthy Landlord’s as the Chancellor stated, and not unfairly target basic rate taxpayer Landlords.
9.2.2 consider a more general tax on profits of residential property rental irrespective of the ownership structure.
This would, potentially, generate more revenue for the Treasury, reduce the widening horizontal inequity in the tax system, and thereby reduce the opportunity for tax avoidance.
Whiteskifreak Surrey
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up13:53 PM, 8th July 2016, About 9 years ago
Reply to the comment left by "Barry Fitzpatrick" at "08/07/2016 - 13:35":
Brilliant stuff Barry - I will use yours as an example and change with my own words.
Thank you
Trendo
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up18:23 PM, 8th July 2016, About 9 years ago
Is this the beginning of the U turn ?
http://home.bt.com/lifestyle/money/mortgages-bills/government-changes-direction-in-proposed-granny-flat-tax-plans-11364051719039
Dr Rosalind Beck
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up19:21 PM, 8th July 2016, About 9 years ago
Reply to the comment left by "Trendo " at "08/07/2016 - 18:23":
Note that this 'impartial' report refers to the 'buy-to-let brigade.' They just can't write about us without using derogatory language.
Simon Hall
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up12:35 PM, 9th July 2016, About 9 years ago
Reply to the comment left by "Barry Fitzpatrick" at "08/07/2016 - 13:35":
Barry, I have heard that, they are no longer accepting any further submissions?
Dr Rosalind Beck
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up13:34 PM, 9th July 2016, About 9 years ago
Reply to the comment left by "Simon Hall" at "09/07/2016 - 12:35":
Yes, that is correct. They published the date 14th of July and then backtracked on it. The members of the Committee can however be contacted individually.
Gromit
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up21:45 PM, 9th July 2016, About 9 years ago
Reply to the comment left by "Simon Hall" at "09/07/2016 - 12:35":
@Simon
Yes as Ros pointed out it does seem that way.
I have challenged this but got nowhere with the scrutiny dept.
I will raise this with my local MP and I suggest you do likewise. It is diabolical that they publish one date and then curtail it without notice.
Simon Hall
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up13:54 PM, 10th July 2016, About 9 years ago
Reply to the comment left by "Barry Fitzpatrick" at "09/07/2016 - 21:45":
Thanks Barry. If that's the case then our fate is bound to be predetermined by their predetermined ideas.
Markb
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up14:13 PM, 11th July 2016, About 9 years ago
in an e-mail received today....
Capital Gains Tax cut for landlords proposed by MP
In a change to the recent norm, there was a positive voice for landlords in parliament, as Kevin Hollinrake MP argued that the industry should not have been excluded from the recent Capital Gains Tax reduction.
Anyone have this man as their MP?
Simon Williams
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up14:46 PM, 11th July 2016, About 9 years ago
OPEN LETTER TO ANDREA LEADSOM MP
Dear Mrs Leadsom
Please pledge to stop the government's attack on landlords!
As a conservative party member and former local councillor, I was sorry to hear of your decision to withdraw from the leadership race, but I do hope you might still feature prominently in Mrs May's government.
When the dust settles a bit, can I plead with you as a landlord to make some sort of positive statement about the plight of landlords who have been subject to relentless attack by George Osborne? You may know that there are an estimated 1.5 million landlords in the UK and I daresay thousands of them are members of the Conservative party and many others will have voted for the party at the last election in good faith.
The private rented sector needs more competition and more investment to work better. Instead, the government has offered only more rules, red tape, regulation and taxation - all of which will only undermine investment in the sector, reduce competition and drive up rents.
Can I ask you to look at things such as:
- the proposed reduction of mortgage tax relief. In every other type of business, loan costs are fully deductible against tax. In every major European country landlords can fully deduct loan costs against tax. Exception: the UK.
- the proposal that landlords should be taxed on turnover, rather than profit. This is unprecedented in the history of British business.
- the massive stamp duty hike on landlords.
- the abolition of the wear and tear allowance that encouraged landlords to furnish properties.
- the discriminatory treatment of landlords when it comes to the Capital Gains Tax rate on asset disposals.
- the proposal massively to extend licensing of smaller Houses in Multiple Occupation and to set minimum room sizes so that, for example, you will no longer be able to rent a box room to a student.
- the astonishing increase in paperwork now needed every time a new tenancy is started.
Most landlords are honest, decent people who simply did what governments told them to do; namely not rely on the state for their retirement, but to invest wisely for their future.
They are being blamed for what is essentially a supply crisis. The answer is to build more homes, not destroy small landlords.