Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Simon Hall" at "14/03/2017 - 16:07":

Hi Simon

You could also inform her that Section 24 breaks the Manifesto promise, but in a much worse way than the NI increase - in one real example 60 times worse: https://www.property118.com/broken-manifesto-promises/95377/

She had a majority of 2,017 over Vince Cable in 2015. I wonder how many affected landlords voted for her then, and how many would vote for her next time.

Reply to the comment left by "Appalled Landlord" at "14/03/2017 - 17:25":

Hi AL,

Kindly advise, how I should respond back to her? I am running a busy schedule, so can I copy and paste yours?

Reply to the comment left by "Simon Hall" at "14/03/2017 - 19:38":

Hi Simon

You are very welcome to copy the letter that I sent to my MP - everyone is. You would need to replace “last year” with “in 2015” in the penultimate sentence. You could also send her Dr Beck’s report by including this link:
https://media.property118.com/wp-content/uploads/2016/10/6G0YKMd1Wf.pdf ,

As regards the broken manifesto promise, everyone whose MP is a Tory is welcome to tell him or her that “Section 24 breaks the Manifesto promise, but in a much worse way than the NI increase - in one real example 60 times worse: https://www.property118.com/broken-manifesto-promises/95377/ “

In fact Cl 24 as an "income tax" will quite effectively actually REDUCE revenue whilst upsetting both private landlords and their tenants and families.It is aimed at driving out private leveraged landlords over several years.Market replacement will be by corporates paying MUCH less tax.Also a political mistake again attacking a core section of traditional conservative voters....and upsetting displaced tenants. All for no gain!

I have just sent the letter below to my MP. I have adapted the letters that are on today’s new article about the NIC U-turn: https://www.property118.com/philip-hammond-prepared-u-turn-now-put-pressure-reverse-section-24/95489/

Please feel free to send it to your MP as well. My MP is Labour; if yours is Tory you could add to the last sentence “and you will reduce the damage to the Party’s credibility and electability that George Osborne inflicted through S 24 . It will be win-win for you”

Dear Mr

Would you please pass on the following letter to the PM and Chancellor as a matter of urgency.

Dear Theresa May and Philip Hammond

I see that today that you have stated that you will abide by the letter and the spirit of the Conservative Manifesto.

Mr Hammond’s letter stated “It is very important to me and to the Prime Minister that we are compliant not just with the letter, but also the spirit, of the commitments that were made”.

It follows then that you must repeal Section 24 of the Finance (No.2) Act 2015 as it breaks both the letter and the spirit of the same Manifesto pledge, ”We will commit to no increases in VAT, National Insurance contributions or Income Tax” .

By abandoning a Generally Accepted Accounting Principle, S 24 will tax individual landlords on a cost, resulting in effective income tax rates of 60%, 70% and in some cases in excess of 100% of actual profits. Please do not repeat the idea that we had a ‘generous tax relief’ - hitherto every enterprise in the country gets it - or that you have levelled the playing field as this is completely untrue. Section 24 massively increases the income tax bills of thousands of landlords and this is going to have a devastating effect on tenants and landlords alike during an acute and chronic housing shortage, just when you should be incentivising the sector.

S 24 has already forced landlords to evict tenants who are on benefits and make them homeless, to be put in “temporary” accommodation by councils at greater cost, and it is not even in force yet. Homelessness is going to increase enormously as the tax is introduced.

If you are sincere about keeping to the letter and spirit of the Manifesto you must repeal S 24. In doing so you will prevent further damage to the supply and price of rented accommodation.

Regards

Reply to the comment left by "Appalled Landlord" at "15/03/2017 - 15:27":

This is a great letter, AP. Thank you.
Mine is going out today.

Reply to the comment left by "Whiteskifreak Surrey" at "16/03/2017 - 08:19":

Done - I will let you know when / if I hear from my (Tory) MP.

The have just made George Osborne editor of the Evening Standard.

Oh My God!

Reply to the comment left by "Gary Dully" at "17/03/2017 - 13:10":

George Osborne is just taking the p**s now.

Being an MP is a full-time job, and now on top of a part-time role at BlackRoak he now takes a job at the Evening Standard how can he possibly serve his constituents?

He should do the honest & decent thing and resign as MP, then the leopard would have to change it's spots.

I really want him to lose his seat. He absolutely is taking the complete p**s as you put it Barry.

Regarding his role at Blackrock - 650K for FOUR days: what on earth are Blackrock paying him for? It stinks.

Had to edit this re-reading Barry's post ... "honest & decent"?? Osborne?*?!*