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Graham Awards

TODAY'S OTHER NEWS

Labour to propose landlord tax to fund social care

Labour says the funding of social care could be achieved by increasing tax on landlords.

Party leader Sir Keir Starmer is today expected to tell the Local Government Association - which represents councils in England and Wales - that paying for social care primarily through National Insurance, as planned by the government, is unfair.

The BBC, which has seen an advance copy of the speech, says he will say: "Working people will pay more tax now, but might still have to sell their home to pay even more later.

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"This is an unfair plan that doesn't work. And who is left with the bill? It's working people. It's especially low earners and young people who have already borne the brunt of the economic impact of the pandemic.

Government plans, he will say, leave "a private landlord renting out multiple properties not paying a penny more in tax, and their hard-working tenants to pick up the burden".

And he adds: “The money could have been raised by taxing the incomes of landlords, and those who buy and sell large quantities of financial assets, stocks shares".

He will also say the government proposals will see "an Amazon worker's taxes raised, but Amazon itself able to squirrel profits away in tax havens and only pay a fraction of what high street shops do".

Here's the BBC story.

 

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    And then what Will the landlord do. They will put the rent up! The tenant pays more.

    Now Labour want to jump in with Shelter/GR/Acorn and screw the tenants. When will this maliciousness stop?

    Theodor Cable

    For sure. I will pay whatever they ask and then charge the tenent every penny of it and pluse 15% administration and time for the effort.

     
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    Correct...I will increase rents whilst selling other properties... Why don't they tax plumbers more or bakers or Amazon? What is it with landlords that they have to be constantly hit below the belt?

     
     G romit

    So in effect renters in the PRS will foot the bill for the whole of the required social care cost; hmmm that's fair!!

     
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    It won't be a tax on landlords, it'll be a tax on tenants Mr Starmer, you really don't need a uni degree to work that one out

    Theodor Cable

    Totally correct. They are imbeciles.

     
     G romit

    Oh yes he does (he's probably taking advice from Diane Abbott).

     
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    We are the whipping boys anyone wants money for nothing get it from LL. Anyone in Government with any idea of generating wealth through enhancing Business and Manufacturing Industry instead of grabbing LL’s money to give to Benefits, who then give it back to LL, who give it to government again, a complete circle getting diminished all the while, any hope of creating new Money.

    Theodor Cable

    And when they whip you, charge the tenant more.....
    That is what any kind of business does to preserve its longevity.

    If you don't pass it on, then sooner or later you will go broke. And currently, I would suggest it will be earlier unless you take immedialte action.

    And don't forget whatever they charge you, then add 15% on top for your administration and time costs. That way, you will survive.

     
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    Politics of envy from the lefties!

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    Yes , unfortunately.
    The Tories have been instrumental in plotting the demise of the private landlord, but if anybody is under the illusion that voting for Labour at the next election, expecting them to be anything but disastrous, then think again.
    I am on a course of selling a property every year, as it may only be a matter of time before we get another Labour government.
    That may result in higher capital gains taxes and reduction of allowances and their proposed 'mansion tax' coming into force.
    Let's face it, the left consider landlords as the devil incarnate!!!

     
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    Indeed. As Rae below states, aren't we already taxed on our income anyway. Starmer will know this but that doesn't suit his narrative. It'll just be a vote grabbing headline, of course he doesn't have to deal with the consequences of decreased supply, increased costs and increase homelessness

     
  • Matthew Payne

    Hand over face emoji. I simply don't understand why politicians can't see the bleedin' obvious, is it becasue they know they won't be in power when it all goes pete tong? Not their problem or just don't get it? The PRS has shrunk by 2% since 2016 already, rents are at their highest ever, and the social housing waiting list is growing into the millions. Want that to speed up Keir to increase homelessness and poverty?

  • George Dawes

    Labour , Tory two sides of the same corrupt coin .

    Politicians are middle managers, the real power lay behind the curtain

    You’ll own nothing and be happy , including your home …

  • George Dawes

    I presume kier the invisible man will pay tax on all his homes ?

  • George Dawes

    Fixed rents + land tax = end of the prs

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    I pass on ALL INCREASES I HAVE TO PAY or I sell and let councils house people.

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    And it’s this constant drivel of attacks on honest business people in our sector. That’s making me start to sell them and move other to holiday let’s My Tax bills are larger than ever. How much do you thieves want? You won’t be happy until the non working and all our new arrivals are paid for by the few who bother to work. I’ll never vote labour and I’ll encourage anyone I know to do the same to keep these lunatics in the minority where they belong.

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    I pay taxes on my income from rented property...have I missed something!

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    Yes Rae. Whatever your paying is judged to be not enough. Whatever you pay will not be enough until you have nothing left.

     
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    he will say, leave "a private landlord renting out multiple properties not paying a penny more in tax, and their hard-working tenants to pick up the burden".

    The more profit I make the more tax I pay. If I make a capital gain I pay tax on it. This is no different to any other business, although if I was selling baked beans I wouldn't pay stamp duty on the raw materials. I provide something people want for a market price, take some profit and give some to the government. So why are landlords public enemy number one?

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    Who are these landlords that aren't paying a penny in tax? Love to be on that list

  • girish mehta

    Clueless politicians have no workable policies. Say and so anything just to get a vote. Nothing is free in life. The returns are not great when government fleeces money out of you, section 24, land licensing , future taxes and rent controls. It won’t be worth investing in Uk . Landlords will sell up in the end or pass the increases to tenant and local councils will pick up the tab or the benefit system. People won’t go to work if it not their worthwhile or struggle to live.you will have generations of family on benefit and the government will end up picking the tab for social care and more people on benefit. If the government can spend billions to rescue the financial sector they have managed to cut exposure of banks . The-inter bank base interest rate of .5% for last decade interest rate on loans to business being charged at around average 15% and around 30% the banks have raked in billions in profit while the working people have been taxed to hilt under austerity measures. This was a managed con inflicted, The Brexit was another policy. Designed to extend another hard ship to working class. Now the COVID and they still want to tax landlords and there is no another sectors left for them to raid. Their ever increasing appetite for easy money. And for politicians to join the elites following footsteps of likes of Blair and Boris . These politicians are only in for themselves and only their ticket is to get in office and build favours and network and then move on .
    There is be no politicians to day who thinks for the country air working people
    They will say anything to get the vote. Their policy are decided by newspapers, news headlines.

  • James B

    Good plan at a time when the shortage of housing is leaving tenants homeless and paying ever higher rents .. usual attempted vote winning statements appealing to generation rent again.
    I advise tenants via our agency who ask why the shortage that this problem is government screwing tenants via landlords

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    proof, yet again, that you need no brains or common sense to be a lawyer or a politician

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    the LGA is a quango

    amazon pays all business taxes asked of it

  • George Dawes

    Thanks for those kind words , much appreciated

  • George Dawes

    Has it ever entered your tiny mind that some people prefer renting to buying ?

    I’d go on but I’m not prepared to lower myself to your level

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    Renting is a great deal cheaper and especially when people are not ready to settle down. I seen a 2 bed conversation Flat in Acton adjacent to one of mine on the market £460k, 10%
    Deposit £46k, 25 year Mortgage
    @ £1700. + per month, while mine is rented for £1200. pm even at that they are behind, so where do they get £45k initially and the extra £500. pm + Service Charge etc, that they currently don’t have to pay for any repair, up keep, furniture, white goods, Insurance thrown in, fact dream on.

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    It would take a good LL fool to buy that and plenty of others in the area more expensive. Then throw money to pay & subsidise it and be clobbered with taxes and Ealing Council Licensing
    schemes. Lenders living in cloud cuckoo land 125% income and the rest, stress test etc do they not know all figures are false, what a lovely World they live in.

  • michael davies

    Quite right george dames.i have 7 properties in the NW.all my tenants choose to rent ,it suits them.When i read stuff that people think about 'll and tennants i get the feeling that a lot of this resentment to landlords is a that London genarated thing.

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    I think you're right, we don't get all this landlord hate in Norfolk, it seems to be more of a London thing

     
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    It is very rare for us to increase rents for existing tenants, but I can see a time when they will get a letter phrased along the lines of 'Sorry, but as a direct consequence of government policy we have had to increase your rent to cover our additional costs' or even give them notice 'as a direct consequence of government policy'

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    iMO, the government ought to have more respect for landlords as, if it were not for them, councils would have waiting lists well into the next (30th) century and would have to find the money to build even more properties.

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    Choosing to be a landlord is voluntary. You are not putting the welfare of tenants at the forefront of your actions. The fact that you buy to let means that you want to make money. If you think that the aggro from non-payers and the dismal state in which some properties are left isn't worth it, why not sell up? No good moaning about it.

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    I agree Grace, we live and learn, and hopefully learn by our mistakes, as a landlord of more than 30 yrs now I have certainly made my fair share of mistakes along the way, I've had non paying tenants, I've had properties left in a discussing state ( which I've personally cleaned and repaired my self) no point moaning about it, what's done is done, but I have learnt, no DSS, no single mums, no one under 25 and no all day curry eaters.

     
    Theodor Cable

    And who does not want to make money?
    If you work, you do it for money.
    If you are on Benefit, thats is the equivalent of you making money.

    Please tell me how you will live, if do not want to make money?

    All LLs are just doing a job, (to earn moneu) and mostly they make a lot less than full time workers.

     
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    Don’t worry we don’t need elocution lessons if they don’t understand us they wouldn’t be much good at cludo, they understand everything right well sometimes they act the gom, (not in Collins).

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    I agree, whatever the 'gom' is. 😂

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    LLs appear to be a solution for so many things. We can end the social care crisis and also with the planned EPC changes help the Government to hit their green targets and save the planet. Who knew we would be so powerful!!!

  • George Dawes

    Epcs , we chase carbon neutral while China builds another dozen coal fired power stations

    Not really a level playing field is it ?

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    So the less well off and young have bourn the brunt of the pandemic? They got furlough, increased universal credit pay outs and no evictions whilst landlords got no help at all.
    What planet is this clown on?

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    You have a vivid imagination. Borne.

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    The left always seem to shed a bad light on the landlord and always seem to belittle people who living in an rented house assuming they're poor but surely it can also be Preference and flexibility and short term where the tenant might moved in rental accommodation temporarily just to do a certain job etc... or people ain't willing to have their money tied up as its more riskier owning a house than being a tenant as you have mortgage to pay or else if you miss your payment it ruins you credit history EVEN IF THE TENANT DO NOT PAY you will still have to pay your mortgage regardless and they have to ensure that the house is compliant and safe otherwise the fines are hefty like EPC minimum E rating or else you can get fined minimum £750 and gas certificate, electrical certs the fines are alot.

  • Taifoor Chaudhry

    LL are paying more tax on profit like anyother business or individual.

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