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TODAY'S OTHER NEWS

Landlords say “reasonable chance” of judicial review of BTL tax change

The two landlords behind a campaign to seek a judicial review of George Osborne’s controversial mortgage interest tax relief change say they have been told there is a “reasonable chance of success.”

Landlords Steve Bolton and Chris Cooper have sought the advice of a legal team including Cherie Blair QC on the chance of securing a review of section 24 of the Finance (No. 2) Act 2015 - which includes the proposed restriction of mortgage interest tax relief at a basic rate, even for higher rate-paying landlords.

“The next step is for our lawyers, Omnia Strategy LLP, to send a letter outlining our case to the government with a view to commencing judicial review proceedings” says the landlords on their Facebook campaign page.

Bolton, whose Platinum Property Partners business has £200m of residential property in its portfolio, is working with fellow landlord Cooper to mount a legal challenge on behalf of around 250 investors in the PPP network.

The pair launched their campaign just before Christmas, quickly securing £50,000 through crowdfunding to get the initial legal advice and launch the challenge. 

The pair say on their Facebook page: “The Finance Act 2015 includes Clause 24, which overturns a fundamental financial business principle, where INCOME less COSTS equals PROFIT. The current government sees fit to change this tried, tested and proven commercial formula. In simple terms, the government believe that it makes complete sense to tax property owners on that part of the rent that has been paid to the lender as mortgage interest, as if that money was still in the property owners’ bank account!"

  • Peter Lassman

    Let's hope they succeed as it is an unfair process, I'm all for paying my Taxes but not when we are paying against a fixed Deck of Cards stacked against us

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    We simply get the sheep MPs we elected, in the majority. This is yet another example of arrogance of government thinking that since they have a majority they can do whatever they want. I am all for this legislation IF the govt. applied it across the board to ALL BUSINESSES. Then we could have riot as we had with the Poll Tax introduction by this same colour of govt. That is not to say that the reds are any better.

  • Mark Wilson

    Lets hope they fail. Buy to let speculators are a blight to the residential market. First time buyers have been marginalised as they can not compete with the unfair tax breaks buy to let Landlords receive.

    Stephen Burke

    Am I reading this correctly? Lol RIICS surveyor suggesting landlords have no use? LOL, talk about ironic.

    Why not remove one big hurdle to 1st time buyers getting on to the housing ladder, that most useless of hurdles...the RIICS survey.

    Essentially pretty much ripping off the whole of our society, or at least all who buy with a mortgage anyway. Often hardly bothering to haul your backsides out of the car.

    I don't need to pay the likes of you several hundred pounds just to be told its a house and may have problems.

     
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    First time buyers can always buy in the market! It is just that by making it difficult for the BTL sector to break even the chancellor is going to make difficult life of larger number of families and singles who enjoy a good quality accommodation at affordable rent without committing to it for rest of their life!

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    From whom do I rent a house if there are no landlords left? The corporate elite? I like having a landlord with a heartbeat and a conscious.

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    Absolutely terrified as to what's next for landlords in the next budget. Sign the government petition against the BTL tax grab on stamp duty here: https://petition.parliament.uk/petitions/114140

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