A group campaigning for the abolition of the buy-to-let tax grab have launched the second phase of its crowdfunding campaign and announced a major event in London to support the cause.
The ‘Judicial Review of Section 24 – Tenant Tax’ campaign aims to raise an additional £250,000 to fight the Government in court. Its initial crowdfunding campaign saw £50,000 raised in just eight days to launch a legal case against the Government’s buy-to-let tax relief changes.
The group will hold the ‘Tenant Tax Summit – Landlords Fight Back’ on 9 June at the ILEC Conference Centre in Earls Court. Confirmed speakers include Lord Howard Flight, and representatives from Platinum Property Partners, SpareRoom, Shawbrook Bank, Property 118 and Property Tribes.
Steve Bolton, founder and chairman of Platinum Property Partners, and fellow landlord Chris Cooper are calling on all landlords, tenants, letting agents and others who will be adversely affected by this new legislation to support their cause.
The ‘Tenant Tax’ campaign is now reopen for pledges via the Crowd Justice platform (www.crowdjustice.co.uk/case/tenanttax/) and aims to raise an additional £250,000 to fight Section 24 of the Finance (No. 2) Act 2015, which plans to turn a ‘normal business expense’ (finance costs) into a taxable revenue.
The ‘Tenant Tax Summit – Landlords Fight Back’ will highlight the plight of both landlords and tenants, with a common objective in mind – the abolishment of “ludicrous” legislation that will force the worst affected landlords to either sell their properties; thereby reducing the supply of rental properties and forcing tenants to find new homes; or increase their rents far more aggressively, making renting even more unaffordable.
Tickets for the event are being offered through the Tenant Tax crowdfunding platform only and anyone who makes a minimum pledge of £100 will be given a complimentary ticket. This is to ensure that 100% of ticket sales can be channelled towards the legal challenge. Event costs will be covered by corporate sponsors, partners and patrons.
A full application for a Judicial Review against Section 24 of the Finance (No. 2) Act 2015 was submitted in February and a joint Acknowledgement of Service was received from HMRC and the Treasury on behalf of the Government.
Steve Bolton said: “The days where ‘nobody loves a landlord’ must come to an end. We need to unite to show that we will not accept the victimisation of landlords and tenants by the out of touch political elite. They are deluded if they believe that they will go unchallenged when trying to reclassify ‘mortgage interest’ as anything other than a ‘normal business expense’.
“The Tenant Tax is wrong on every level and if we allow a normal business expense to become a taxable expense for landlords, who will be next; Corporate landlords? Shopkeepers? Small business owners? Anyone who has used finance to help expand their business?
“We aim to make the Tenant Tax Summit a very enjoyable, inspiring, interactive, uplifting, informative, educational and motivational day. It is a unique chance for our grassroots supporters to come together, support each other, share ideas and shout from the rooftops. We want to show politicians, the media and the country at large that we truly are a force to be reckoned with.
“This is a not-for-profit, volunteer-driven campaign and we encourage all landlords, tenants, lettings agents and other industry organisations and businesses to find out more and support our cause by visiting www.crowdjustice.co.uk/case/tenanttax/.”