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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18:32 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Reluctant Landlord at 17/06/2024 - 17:51
Personally I think you are wrong and here's why:

The will of the people is a powerful thing. Don't let anyone fool you you're vote will be wasted by not voting in the traditional manner.

We have already discussed UKIP in this thread. I looked it up and UKIP only ever won 1 seat - it was a Tory MP who defected then won the next time around. UKIP did have a couple of other MPs but they were more defectors and didn't manage to win their seat at the next election.

2 thirds, if not more, of parliament were and are remainers (most probably because they were eyeing EU positions after their time in British politics was over). Despite all this a referendum was given to the people to decide. Why was that when the majority of people in positions of power didn't want it. I believe it was because the people wanted it. The vote share UKIP had ment it was too big to ignore the issue of EU membership. If the people in power didn't act then their power would be chipped away at. The only thing people in power want? More power. So losing it would never do.

Making someone believe their vote is meaningless if they use it for anything other than the traditional 2 party's is a fine tactic. I'd encourage you not to do it to other people here when there really could be some change to the last 100 years of history.

Even if Reform don't get a single seat it's not a wasted voted - a large vote share because of their policies is something the main party's will not be able to ignore.

You also claim it's about challenging Labour - if you look it up there was cross party support for the RRB. The Tory's and Labour were working together on it and Labour said they wouldn't oppose it (even without the amendments of the lunatic communist Mathew Pennycook). The conservatives will not challenge Labour, they will make amendments, some will probably be adopted and some won't. Surely the last 10 years have shown you that the Tory's are no friends of the landlord regardless of how much worse Labour could be.

Of course you are entitled to your view and I respect that, but I do think you're wrong.

Liam

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18:39 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Natty at 17/06/2024 - 18:21
A bit disappointing is an understatement. They are red dressed in blue.

I cannot, in good faith, vote for such an outfit that has introduced such rules and regulations for landlords.

Cider Drinker

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18:55 PM, 17th June 2024, About 5 months ago

This is what Labour have to say…

𝑊𝑒 𝑏𝑒𝑙𝑖𝑒𝑣𝑒 𝑎𝑐𝑐𝑒𝑠𝑠 𝑡𝑜 𝑎 𝑠𝑎𝑓𝑒, 𝑠𝑒𝑐𝑢𝑟𝑒 𝑎𝑛𝑑 𝑎𝑓𝑓𝑜𝑟𝑑𝑎𝑏𝑙𝑒 ℎ𝑜𝑚𝑒 𝑖𝑠 𝑎 𝑏𝑎𝑠𝑖𝑐 ℎ𝑢𝑚𝑎𝑛 𝑛𝑒𝑒𝑑. 𝑁𝑜 𝑜𝑛𝑒 𝑖𝑛 𝑡ℎ𝑖𝑠 𝑐𝑜𝑢𝑛𝑡𝑟𝑦 𝑠ℎ𝑜𝑢𝑙𝑑 𝑏𝑒 𝑡ℎ𝑟𝑒𝑎𝑡𝑒𝑛𝑒𝑑 𝑤𝑖𝑡ℎ ℎ𝑜𝑚𝑒𝑙𝑒𝑠𝑠𝑛𝑒𝑠𝑠 𝑏𝑒𝑐𝑎𝑢𝑠𝑒 𝑜𝑓 𝑡ℎ𝑒𝑖𝑟 𝑏𝑎𝑐𝑘𝑔𝑟𝑜𝑢𝑛𝑑.

𝑌𝑒𝑡, 𝑑𝑢𝑟𝑖𝑛𝑔 𝑡ℎ𝑖𝑠 𝑔𝑒𝑛𝑒𝑟𝑎𝑙 𝑒𝑙𝑒𝑐𝑡𝑖𝑜𝑛, 𝑤𝑒'𝑣𝑒 ℎ𝑒𝑎𝑟𝑑 𝑙𝑜𝑡𝑠 𝑜𝑓 𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑖𝑎𝑛𝑠 𝑏𝑙𝑎𝑚𝑖𝑛𝑔 𝑚𝑖𝑔𝑟𝑎𝑡𝑖𝑜𝑛 𝑓𝑜𝑟 𝑡ℎ𝑒 ℎ𝑜𝑢𝑠𝑖𝑛𝑔 𝑒𝑚𝑒𝑟𝑔𝑒𝑛𝑐𝑦. 𝑇ℎ𝑖𝑠 𝑖𝑠 𝑏𝑎𝑐𝑘𝑤𝑎𝑟𝑑𝑠.

𝑃𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝑖𝑛𝑐𝑟𝑒𝑎𝑠𝑒𝑠 𝑚𝑎𝑦 ℎ𝑎𝑣𝑒 𝑠𝑜𝑚𝑒 𝑖𝑚𝑝𝑎𝑐𝑡 𝑜𝑛 ℎ𝑜𝑢𝑠𝑖𝑛𝑔 𝑑𝑒𝑚𝑎𝑛𝑑. 𝐵𝑢𝑡 𝑤ℎ𝑎𝑡 ℎ𝑎𝑠 𝑎 𝑚𝑢𝑐ℎ 𝑔𝑟𝑒𝑎𝑡𝑒𝑟 𝑖𝑚𝑝𝑎𝑐𝑡 𝑖𝑠 𝑑𝑒𝑐𝑎𝑑𝑒𝑠 𝑜𝑓 𝑔𝑜𝑣𝑒𝑟𝑛𝑚𝑒𝑛𝑡 𝑓𝑎𝑖𝑙𝑢𝑟𝑒 𝑡𝑜 𝑏𝑢𝑖𝑙𝑑 𝑒𝑛𝑜𝑢𝑔ℎ 𝑔𝑒𝑛𝑢𝑖𝑛𝑒𝑙𝑦 𝑎𝑓𝑓𝑜𝑟𝑑𝑎𝑏𝑙𝑒 ℎ𝑜𝑚𝑒𝑠.

𝑊𝑒 𝑤𝑜𝑢𝑙𝑑 𝑠𝑡𝑖𝑙𝑙 𝑏𝑒 𝑖𝑛 𝑎 ℎ𝑜𝑢𝑠𝑖𝑛𝑔 𝑒𝑚𝑒𝑟𝑔𝑒𝑛𝑐𝑦 - 𝑒𝑣𝑒𝑛 𝑖𝑓 𝑛𝑒𝑡 𝑚𝑖𝑔𝑟𝑎𝑡𝑖𝑜𝑛 𝑤𝑎𝑠 𝑧𝑒𝑟𝑜 – 𝑏𝑒𝑐𝑎𝑢𝑠𝑒 𝑡ℎ𝑒 𝑔𝑜𝑣𝑒𝑟𝑛𝑚𝑒𝑛𝑡 𝑠𝑒𝑙𝑙𝑠 𝑜𝑓𝑓 𝑎𝑛𝑑 𝑑𝑒𝑚𝑜𝑙𝑖𝑠ℎ𝑒𝑠 𝑚𝑜𝑟𝑒 𝑠𝑜𝑐𝑖𝑎𝑙 ℎ𝑜𝑚𝑒𝑠 𝑡ℎ𝑎𝑛 𝑖𝑡 𝑏𝑢𝑖𝑙𝑑𝑠. 260,000 𝑠𝑜𝑐𝑖𝑎𝑙 ℎ𝑜𝑚𝑒𝑠 ℎ𝑎𝑣𝑒 𝑏𝑒𝑒𝑛 𝑙𝑜𝑠𝑡 𝑖𝑛 𝑡ℎ𝑒 𝑙𝑎𝑠𝑡 𝑡𝑒𝑛 𝑦𝑒𝑎𝑟𝑠 𝑎𝑙𝑜𝑛𝑒.

𝑇ℎ𝑎𝑡'𝑠 𝑤ℎ𝑦 𝑤𝑒'𝑟𝑒 𝑐𝑎𝑙𝑙𝑖𝑛𝑔 𝑜𝑛 𝑦𝑜𝑢 𝑡𝑜 ℎ𝑒𝑙𝑝 𝑢𝑠 𝑔𝑒𝑡 𝑡ℎ𝑒 𝑚𝑒𝑠𝑠𝑎𝑔𝑒 𝑜𝑢𝑡 𝑡ℎ𝑒𝑟𝑒: 𝑆𝑡𝑜𝑝 𝑠𝑐𝑎𝑝𝑒𝑔𝑜𝑎𝑡𝑖𝑛𝑔 𝑎𝑛𝑑 𝑏𝑢𝑖𝑙𝑑 𝑠𝑜𝑐𝑖𝑎𝑙 ℎ𝑜𝑢𝑠𝑖𝑛𝑔 - ℎ𝑒𝑙𝑝 𝑢𝑠 𝑠ℎ𝑎𝑟𝑒 𝑡ℎ𝑖𝑠 𝑚𝑒𝑠𝑠𝑎𝑔𝑒 𝑡𝑜𝑑𝑎𝑦.

This must be Diane Abbott’s maths at play.

Lost 260,000 homes in the past ten years. Many more homes have been built. The demolished ones will have been dreadful homes and 260,000 homes wouldn’t house last year’s net migration number.

Paul Essex

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18:56 PM, 17th June 2024, About 5 months ago

Those saying that UKIP didn't get an mp are factually correct BUT they got more votes than ALL of the Scottish mps added together!

If we had a fair voting system they would have had a lot of mps.

paul robinson

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19:01 PM, 17th June 2024, About 5 months ago

As a fairly recent ex landlord I must confess I’m very relieved about 5th July onwards. Seems all political parties (including raving lord Nige) are very out of touch with the PRS!

Purnima Obhrai

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19:24 PM, 17th June 2024, About 5 months ago

Reply to the comment left by graham mcauley at 17/06/2024 - 16:18
Maybe they’ll use some of the £350 million that was supposed to make it to the NHS or shake the magic money tree ?? . when you’ve read their so called manifesto , then have a watch of the Led by Donkeys video on Farage and his elitist past - truly a man of the ordinary person - I think not. Always better to hear both sides of a viewpoint then make an informed decision

graham mcauley

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20:56 PM, 17th June 2024, About 5 months ago

Reply to the comment left by Purnima Obhrai at 17/06/2024 - 19:24
Didnt think it would take long to hear from
a labour supporter lol, I will be voting Reform

Desert Rat

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4:51 AM, 18th June 2024, About 5 months ago

I'm sure Labour will get in and I dread to think what they have in store for landlords.

The Conservatives have totally shafted landlords over the last 10 years or so.

Labour will be out to kill off any of us left.

I dont believe a word that Farage says, and they won't get in, no matter how many landlords vote for him.

As far as I can see, at voting time all of the parties promise to fix everything (especially the NHS) and then at the end of their terms, nothing has been fixed.

I've lived outside of the UK for so long, I've not been eligible to vote for many years, although I now think that this has changed as
Conservatives are desperate new for people to vote for them?

As a landlord, I really just don't see it worth my time and the cost of a postage stamp to vote for any of them.

Gromit

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7:45 AM, 18th June 2024, About 5 months ago

Reply to the comment left by Stella at 17/06/2024 - 14:36
....but any CGT will likely be reversed in 2029.
It won't be forever!

Gromit

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7:50 AM, 18th June 2024, About 5 months ago

Reply to the comment left by TheBiggerPicture at 17/06/2024 - 15:25
The legacy parties are all in the pockets of WEF, UN & WHO.
Legacy is the operative word here, they had their time, it's time for a new brush.

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