Reform UK says it will abolish section 24 for landlords

Reform UK says it will abolish section 24 for landlords

14:06 PM, 17th June 2024, About 5 months ago 74

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Among the promises being made by Reform UK to boost the UK’s private rented sector (PRS) is a pledge to abolish section 24 in its first 100 days in office.

Section 24 was introduced in the Finance Act 2015 by the then Chancellor George Osbourne which removed a landlord’s ability to offset all of their mortgage interest, from rental income before they calculated the tax liability and allow a 20% basic rate deduction.

In its ‘Our Contract With You’, Reform says it will ‘scrap the 2015 tax changes for landlords’.

Reform adds that the tax system should encourage smaller landlords into the rental markets – not penalise them.

It adds: “We will restore landlords’ rights to deduct finance costs and mortgage interest from tax on rental income.”

The Contract also pledges to abolish the Renters (Reform) Bill – which Labour and the Conservatives have said they will revisit after the election.

Unveiled the party’s election pledges

The party’s leader Nigel Farage unveiled the party’s election pledges in Merthyr Tydfil, south Wales.

Among other housing issues raised by Mr Farage is that rents are up by 25% since 2021.

He said: “Is it any wonder with an exploding population rents are going up?”

Mr Farage also said: “I’m absolutely in no doubt that we are in decline culturally, we’ve begun to forget who we are.

“We are a party that know what we believe.”

He also says that rising immigration is the ‘dominant issue’ in the election – and the country needs to ‘build a new dwelling every two minutes just to deal with the current levels of migration’.

Reform social housing law

Reform will also reform social housing law to prioritise ‘local people and those who have paid into the system’.

It says that in parts of the UK, ‘almost half of all social housing is occupied by someone born overseas. Foreign nationals must go to the back of the queue. Not the front’.

Reform is also planning to ‘fast track planning and tax incentives for the development of brownfield sites, including unused offices and vacant high street properties’.

Mr Farage says that Reform will ‘restore trust in politics’ and adds: “You might dislike what we say, you might not even want to vote for what we say, but at least we do say what we mean.”

Five core pledges from Reform

Reform has five core pledges, including freezing ‘all non-essential immigration’ to help ‘boost wages, protect public services, end the housing crisis and cut crime’.

The party says it will also ‘stop the boats’ in its first 100 days, with a plan to leave the European Convention on Human Rights (ECHR).

The tax cuts promised by Reform include:

  • Raising the minimum threshold of income tax to £20,000 a year
  • Abolishing stamp duty
  • Abolishing inheritance tax for all estates under £2m
  • Cut £50billion off public spending
  • Leave the European Court of Human Rights
  • Incentivise the use of new construction technology
  • More new apprenticeships and vocational courses will increase the supply of skilled, well-paid workers to replace cheap overseas labour.

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Liam

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16:58 PM, 17th June 2024, About 5 months ago

Reply to the comment left by jamie wilbur at 17/06/2024 - 16:48
I have to respectfully disagree.

The Tory's will tell you, you are giving Labour a blank cheque - of course they'll tell you that. They are scared of losing their seat and MPs salary/expenses!

Liam

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17:02 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Rob Crawford at 17/06/2024 - 16:57
And surely it should be a landlords friend? Not the red dressed in blue? With such an arrangement then there's cross party support to do all sorts of horrible things to further punish us for being part of this sector.

Ray Davison

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17:27 PM, 17th June 2024, About 5 months ago

I've skipped through some of these comments but the old argument that a vote for Reform is a wasted vote or will guarantee a Labour government is completely wrong.

I hate to say it but Labour will without doubt form the next government with a large majority and there is nothing anyone can do to prevent it as the Conservatives have destroyed any chance they might have had of winning this election. So vote with your beliefs and send a message. If Reform get 6 to ten million votes as is currently being projected their voice cannot be ignored.

Gary Dully

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17:30 PM, 17th June 2024, About 5 months ago

It looks like a conservative manifesto from the late 1970’s.

I’ll have me some of that!

Liam

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17:32 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Ray Davison at 17/06/2024 - 17:27
Exactly what I've been saying!

A large vote share, even if it doesn't translate to a single seat will ensure your vote isn't wasted! It won't "put Labour in quicker". But, it may mean a Conservative or Labour MP that's supported nasty things in our industry no longer has a seat.

Reluctant Landlord

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17:34 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Stella at 17/06/2024 - 16:30
Labour don't see the PRS as a business - that's their problem. They have no qualms about attacking the PRS therefore. We are hated and needed at the same time but for the purposes of securing votes....we are evil!

Reluctant Landlord

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17:51 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Liam at 17/06/2024 - 17:32
so you really think Reform (backed by winning all these protest votes) are going to make it difficult for Labour to push through even more anti LL policies?

If the votes don't translate into actual MP's how are they even going to get a look in exactly to make a difference and challenge Labour at every opportunity?

Share of the vote is meaningless unless it makes a practical difference in the make up of the Commons.

Ray Davison

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18:04 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Reluctant Landlord at 17/06/2024 - 17:51
If Reform get zero seats Labour will win by a landslide.

If Reform get 30 seats (Unlikely) Labour will win by almost the same landslide.

But if Reform get just two or three seats they can make their voice heard in Parliament and start to bring about change.

There is no-one you can vote for that will stop Labour winning so stop dreaming and start the conversation in the hope that in five years time there is the chance of real change.

Cider Drinker

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18:16 PM, 17th June 2024, About 5 months ago

The country will be so much better off with Reform’s policies.
Making net migration zero (or even close to zero) will allow the U.K. to allow selected people to migrate to the U.K. (to replace those that leave). It will allow house building to catch up with the current over-population.
We cannot continue allowing the French to use their warships to escort migrants to U.K. waters and then for the RNLI to send them a water taxi for the remainder of the journey. It is a ridiculous situation. The EUs open border policies are causing the far right to rise in Europe. At least Reform are not far right.

Natty

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18:21 PM, 17th June 2024, About 5 months ago

I am so tempted to vote Reform, their polices sound good but I want to try to stop Labour getting in, they are worst case scenario. Reform may not be strong enough or have enough votes although the Tories are in the polls half the votes as Labour so its obvious Labour will get in unless a last minute miracle. I guess vote whatever suits you. I have always been a Tory voter but they have been a bit disappointing and a lot of people have lost faith in them.

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