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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Comments

graham mcauley

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12:19 PM, 23rd June 2024, About 4 months ago

Wouldn't it be nice to have a crystal ball to be able see into the future and see what it will be like in the UK if Labour win the election?

Oh wait we have its called "Wales" take a look
and tell me honestly you want the same

Alexandra

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6:57 AM, 24th June 2024, About 4 months ago

Reply to the comment left by Stella at 17/06/2024 - 14:36
I understand your fear of Labour Stella - they bloody terrify me. And the thought of Angela Rayner anywhere near a job where she can make decisions which affect peoples’ lives makes my blood run cold….but sadly I think we all know that due to the current bunch of faux Tories Labour will get in regardless. So voting Reform could put some people in Parliament who will call Labour and any Conservatives actually left in Parliament out on their crap. It will also raise Reform’s profile encouraging those who did not vote for them because “they thought it a wasted vote” to do so in 2029. Its back to the old mantra about insanity being doing the same thing time and again and expecting a different result. We need to vote with our hearts! .

JeggNegg

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11:27 AM, 4th July 2024, About 4 months ago

Reply to the comment left by Purnima Obhrai at 17/06/2024 - 16:11
Please explain WHY you think Labour get your vote?
Have you always voted Tjis way or have you decided to vote Labour for the he first time in 2024?

Monty Bodkin

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12:09 PM, 4th July 2024, About 4 months ago

Reply to the comment left by Denise G at 04/07/2024 - 12:04
So the same as the others.

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