Reform UK says it will abolish section 24 for landlords

14:06 PM, 17th June 2024, About 4 weeks 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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Tags: general election, Landlords, nigel farage, Reform UK, Reform UK Election Pledges, Reform UK on Immigration and Housing, section 24, Section 24 Impact on UK Landlords, Tax Relief for UK Landlords

Comments

Wayne Broadley

21:32 PM, 19th June 2024, About 4 weeks ago

Reply to the comment left by Gromit at 19/06/2024 - 18:21Gromit, I'm very sad to say that you are probably 100% correct.
The effect on the PRS is going to be huge. I've no idea how many more landlords will quit the market, Starmer wont care as he will win more votes by bashing landlords until the penny finally drops until there are no houses for people to live in, you only have to look at whats happened in Ireland, There are whole counties that have no rentals available. Scotland and Whales are heading in the same direction.
Governments really dont get it until its too late
Unfortunately the Tories have screwed up so badly over the last few years, no one will vote for them.
Labour will win in a landslide victory. Any votes for Reform will just hand it over to Labour, they can't win and know it.
Foolishly, i'm hanging on to my houses for now. I will probably regret this next month.
I will not be buying any more and have just put a lot of money into high interest accounts (enough to buy several houses without a mortgage) until I work out how to invest it properly.
The government want rid of the PRS landlords and are doing a good job of it. I just wish that they had a better plan of where to house people when we sell up. Their friends in the BTR sector can not keep up.

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Pete England - PaTMa Property Management

7:44 AM, 22nd June 2024, About 3 weeks ago

Nigel Farage is a promoter of chaos, seeking to fulfil his selfish ambitions by dressing them up in conservative principles.
Perhaps he has learnt from a certain Republican across the pond.

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Denise G

8:43 AM, 22nd June 2024, About 3 weeks ago

Reply to the comment left by Pete England - PaTMa Property Management at 22/06/2024 - 07:44
and we already know he will say ANYTHING to do so - he's nothing more than a snake-oil salesman (who just happens to look like a frog)

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philip allen

9:34 AM, 22nd June 2024, About 3 weeks ago

Reply to the comment left by Birminghamlandlord at 19/06/2024 - 14:53
As Ghandi said, 'be the change you want to see'!

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John Grefe

10:37 AM, 22nd June 2024, About 3 weeks ago

Mohammed you aren't in gear! It costs nothing really to abolish Section 24. Surprised that the4 Tories did this. Osbourne earns a lot of money so I don't think it bothers him?? I have ben on this planet for 75 years & Labour continues to think the voting British are stupid with short memories. We haven't forgotten when the last out going Labour government reportedly left a note "sorry no money in the kitty"!!
Labour only impressers those who think that making money is a sin. Making money paid for our welfare system. Also, people forget Ukraine & Corvid, the latter where this government poured lots of money in supporting us?? Have YOU forgotten?

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Liam

10:54 AM, 22nd June 2024, About 3 weeks ago

Everyone saying Farrage is a lier and just saying things to get in power... Haven't Labour and the Conservatives been doing this for the last 100 years?

The Tory's partying during covid while people couldn't be with their terminally ill relatives. Labour doing the same (even though the Labour supporting Newcastle police force claimed they weren't).

Who introduced student fees? It was Labour. Last election Labour told us the Tory's would sell the NHS, well that hasn't happened.

The Tory's have absolutely hounded landlords and people on this board are still talking about voting for them?! Seriously?

Here's something else I saw yesterday too, in Edinburgh someone checked the clean air zone to see how much it would cost to drive in. The vehicle was an older Land Rover Defender. There was no cost... It was outright banned. These kind of policies will be making their way to a town and city near you too regardless of which ever colour is the next ruling party. This isn't tin foil hat ramblings, the clean air cameras are already there, they only need switching on! My wife worked on the procurement project for the cameras for our town.

So shall we vote for the traditional liers or perhaps an untested one who actually could make things better for us even if he only keeps half of the promises (unlike the rest who break 100 percent of theirs)?

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John Hynd

12:05 PM, 22nd June 2024, About 3 weeks ago

Reply to the comment left by Stella at 17/06/2024 - 14:36
No logic to your thoughts. Labour will win this election, but the more votes that go to Reform, the more strength they will have to change the election system to PR. A vote for the conservatives is a vote for Labour. The Conservative Party have a snowballs chance in hell of winning this election and will be extremely weak as an opposition. Please have a rethink!

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John Docherty

12:55 PM, 22nd June 2024, About 3 weeks ago

Their election bus is a clown car. They'll throw out pledges left, right and centre (or right, extreme right and ultra right) knowing they'll never need to fund any of it. They're not a serious party, they're a continuation of the UKIP grift that's funded Farage for the past few decades.

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Liam

14:18 PM, 22nd June 2024, About 3 weeks ago

Reply to the comment left by John Docherty at 22/06/2024 - 12:55
And Labour and the Tory's are serious?

Jacob Rees Mogg has actually said Farrage has stolen his best ideas. People are saying the Reform manifesto is a Tory one of 20 years ago.

Farrage was serious enough to win the EU election and get enough support from the country to leave the European Union when more than two thirds of all of the house of commons were remainers. The then prime minister campaigned to stay! The next PM was a remainer - and that's serious politics? The whole lot of them were partying while the rest of the country were separated from loved ones who were terminal.

Given that I reckon Farrage is the most serious politician doing the rounds right now.

Rishi is just playing about, he doesn't need the job. Starmer was a member of a Marxist group well into his 30s and I mean full on communist stuff. Where is the choice? Vote Reform and maybe get some credible opposition who will stand up for Landlords - I know what I'll be doing.

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Martin Fitzgerald

23:41 PM, 22nd June 2024, About 3 weeks ago

Reply to the comment left by Liam at 22/06/2024 - 14:18
The only hope the Conservatives have , and us Landlords , is for a deal to be done to combine the Reform votes and Conservatives.
This needs to be done asap because people are sending in their postal vote now ...
If Labour win , and Capital Tax increases , as Angela Rayners mentioned , many Landlords will be in negative equity positions ...
Thus they will be unable to sell , until the Conservatives return to rescue the Buy to Let market .
If Labour introduce Capital Gains Tax on principle residences etc ...
On a £500,000 family house , purchased at say £200,000 selling after a few years , the Capital Gains Tax could be 40% =. £120,000
Thus the family will have £120,000 less to buy the replacement house , plus they will have to pay the Stamp Duty SDLT on the new house .
So they sell a house at £500,000 but then have less than £380,000 to buy their new home .Plus Stamp Duty on new home .
Thus it will WRECK the liquidity in the housing market ....
Even Rachel Reeves said that a day or so ago , BUT there are many other Labour minds that will be in favour of raising some of the other 17 or so other Taxes , which have not been mentioned yet .
I think a leading Labour name mentioned last week that they will not be raising some taxes YET !!!!
Labour says it wants to fund their policies by growing the economy , but if they keep raising taxes for the wealth creators , I know the wealth creators will not be rewarded for growing their business .
If Taxes are punitive , its not worth working hard. The wealth creators will not be rewarded .
I really hope that the public realise what Labour has in mind as soon as they gain power .
At this time I feel the only hope Landlords , plus the general public , have is for Reform and Conservatives do a deal and combine their votes ...
Thus I feel Nigel talks a lot of common sense , and we need his influence , on the Conservative party ....
We need to pray for a Conservative miracle .

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Reform UK says it will abolish section 24 for landlords

Unveiled the party’s election pledges

Reform social housing law