Let's get the remaining BTL tax relief removed

[oatbake]

After seeing how unpopular landlords are on the mumsnet thread that somebody posted, I have started a petition to get the remaining tax relief removed. Please consider signing and sharing:

https://petition.parliament.uk/petitions/219416/sponsors/new?token=vUvVzQYbYPXC98Jq6E

Let's get this madness stopped once and for all.

Edited May 5, 2018 by oatbake

[Mancunian284]

Signed 

[hi5lo5]

Signed..

[goldbug9999]

signed 

 

[oatbake]

It's just being reviewed to make sure it meets the required standards but I am going to share on as many tenant sites as possible. Even the very suggestion that the remaining relief could be withdrawn would be brown-trouser time for many landlords. 

 

I honestly think most of them do not realise that, actually, they still have a pretty good deal and things could get a *lot* worse for landlords. I am amazed that they are still rocking the boat with all the noise about S24...

[Ballyk]

Totally agree. 

S24 ONLY affects landlords who are BOTH higher rate taxpayers AND leveraged.  Basic rate landlords and unleveraged higher rate taxpayers are totally unaffected.  It is iniquitous.

[nome]

Can't sign as it's ''being checked to see if it meets the petition standards''

[PropertyMania]

Agree that a lot more anti landlord legislation is coming. Tories want more home ownership, Labour is practically socialist. A good one would be to shift council tax from occupiers to owner (like in almost every other country).

18 minutes ago, Ballyk said:

Totally agree. 

S24 ONLY affects landlords who are BOTH higher rate taxpayers AND leveraged.  Basic rate landlords and unleveraged higher rate taxpayers are totally unaffected.  It is iniquitous.

Realistically, how many basic rate, leveraged landlords are out there? Imagine most are retirees so unlikely to have a mortgage. 

 

Edited May 5, 2018 by PropertyMania

[oatbake]

5 minutes ago, nome said:

Can't sign as it's ''being checked to see if it meets the petition standards''

I believe you can still sign but it might only be added on when it's finished been checked? I am still getting emails whenever people sign ?

[Mancunian284]

1 minute ago, PropertyMania said:

Agree that a lot more anti landlord legislation is coming. Tories want more home ownership, Labour is practically socialist. A good one would be to shift council tax from occupiers to owner (like in almost every other country).

Realistically, how many basic rate landlords are out there? 

 

Yep, making the owner responsible for council tax would help.  Can you imagine the LL squeals too “ but we’ll have to put rents up and people will be made homeless”.  And mr/mrs LL you will have voids to cover if you start making people homeless.

 

 I bloody hate LLs and that mumsnet poster should be shot, hope she/he realises now how much they are loathed by the general public.

[nome]

2 minutes ago, oatbake said:

I believe you can still sign but it might only be added on when it's finished been checked? I am still getting emails whenever people sign ?

Nope. Telling me try again in a few days.

 

(When they've probably found some obscure reason to reject it)

[Will!]

58 minutes ago, oatbake said:

I believe you can still sign but it might only be added on when it's finished been checked? I am still getting emails whenever people sign ?

Could you post the wording of the petition so we can read it before it’s published please?

[Talking Monkey]

1 hour ago, PropertyMania said:

Agree that a lot more anti landlord legislation is coming. Tories want more home ownership, Labour is practically socialist. A good one would be to shift council tax from occupiers to owner (like in almost every other country).

Realistically, how many basic rate, leveraged landlords are out there? Imagine most are retirees so unlikely to have a mortgage. 

 

Shifting council tax from occupiers to owners would be fantastic

[oatbake]

10 minutes ago, Will! said:

Could you post the wording of the petition so we can read it before it’s published please?

It's worded thus: 

My petition:

"Remove the tax relief enjoyed by landlords investing in Buy-to-Let property.

Currently landlords in the UK can claim tax relief on their interest payments. Ordinary homeowners are not able to do this. Tenants are not able to claim tax relief on their rent. This is grossly unfair and has distorted the housing market.

Although the tax relief for higher rate taxpayers is currently being phased out by the "Section 24" of the Finance Act 2015, landlords are still able to enjoy tax relief at the basic rate. This is still unfair and puts first time buyers at a disadvantage. I cannot get tax relief on the interest to borrow money and invest in the stock market, or to buy my first home. Why should buy to let property be any different?"

[Will!]

Thanks.  You have your five supporters and so I'll sign it when it's open to be signed.

[oatbake]

4 minutes ago, Will! said:

Thanks.  You have your five supporters and so I'll sign it when it's open to be signed.

Thanks. Will keep you all updated ?

[UnconventionalWisdom]

2 hours ago, Mancunian284 said:

hope she/he realises now how much they are loathed by the general public.

I bloody hate landlords and know they have been so detrimental to my life and taken away a straight forward opportunity to live with the same life choices they easily had. I just don't think they are hated enough by most of the public. Its only when e eryone turns that things will change. Employers (needing to pay higher saleries), parents (teacher shortages impacting education, and everyone else (doctors, nurses and firemen forced to leave London and SE) need to turn on them in order for the appropriate regulation to be put in place to destroy the sleavy btl sector. 

[Wayward]

People need to see BTL for what it is...exploitation, buying houses to let out in the UK today is no different to hoarding food at a time of shortage to exploit and profit from the hungry.

[oatbake]

8 minutes ago, Wayward said:

People need to see BTL for what it is...exploitation, buying houses to let out in the UK today is no different to hoarding food at a time of shortage to exploit and profit from the hungry.

Exactly. They do not add value; it's people farming.

[Paul77]

Brilliant idea, I wanted to start exactly the same..!

[Dorkins]

5 hours ago, PropertyMania said:

Realistically, how many basic rate, leveraged landlords are out there? Imagine most are retirees so unlikely to have a mortgage. 

I'd guess quite a lot of second steppers who kept their first property to rent out fall into the leveraged basic rate taxpayer landlord category.

[hi5lo5]

4 hours ago, oatbake said:

It's worded thus: 

My petition:

"Remove the tax relief enjoyed by landlords investing in Buy-to-Let property.

Currently landlords in the UK can claim tax relief on their interest payments. Ordinary homeowners are not able to do this. Tenants are not able to claim tax relief on their rent. This is grossly unfair and has distorted the housing market.

Although the tax relief for higher rate taxpayers is currently being phased out by the "Section 24" of the Finance Act 2015, landlords are still able to enjoy tax relief at the basic rate. This is still unfair and puts first time buyers at a disadvantage. I cannot get tax relief on the interest to borrow money and invest in the stock market, or to buy my first home. Why should buy to let property be any different?"

Also worth adding the point of mortgage releif is not available for the people who borrow money to invest in other asset classes thus the basic rate tax relief gives unfair advantage to the property investors. 

This petition is going to make Toby Llyod's job to convince May to remove the relief easier.

[mrtickle]

27 minutes ago, fru-gal said:

I wonder if the tax discrepancy between renters/oo and lower rate tax relief could be challenged in any way. I mean it seems nuts that a worker on PAYE has no way of reducing their tax bill yet someone who owns a couple of houses can do so. Surely if the Tories want to get more votes from the rental classes they should introduce some sort of tax relief for tenants rather than giving more money to the haves who are already richer yet paying less tax and contributing to societal decline ? I wonder if there is any way of challenging this? 

Don't forget there's no money and the state of the economy.

I'd far, far, rather the field was levelled by removing the remaining 20% tax relief for landlords than by introducing one for tenants and mortgagors paid for by taxpayers.

This would mean more landlords selling up, more transactions, lower prices, etc.

ps. Remove the wear and tear refunds, too. Level that playing field FLAT.

Edited May 6, 2018 by mrtickle

[BorrowToLeech]

1 hour ago, fru-gal said:

I wonder if the tax discrepancy between renters/oo and lower rate tax relief could be challenged in any way. I mean it seems nuts that a worker on PAYE has no way of reducing their tax bill yet someone who owns a couple of houses can do so. Surely if the Tories want to get more votes from the rental classes they should introduce some sort of tax relief for tenants rather than giving more money to the haves who are already richer yet paying less tax and contributing to societal decline ? I wonder if there is any way of challenging this? 

Tax cuts targeted at tenants will only line the pockets of landlords. See also ‘the living wage’. 

Rents are set by ability to pay.

That’s why landlords can’t charge more to offset S24, but they can charge more if their tenants become richer. 

It’s difficult to overstate how damaging landlording is to society. 

[SOLZHENITSYN]

20 hours ago, Dorkins said:

I'd guess quite a lot of second steppers who kept their first property to rent out fall into the leveraged basic rate taxpayer landlord category.

??This. It’s epidemic in London. No one sells. Ever. They just remortgage, lever up and buy another. Too much potential profit to consider selling.