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Wednesday, May 17, 2017

Labour's Manifesto impact on landlords

Following yesterday's Len Mclusky speech, evaluating Labour's 2017 Manifesto feels as pointless as spending my time assessing whether flying pigs could make it across the Atlantic.

Regardless, here are the bits that might, but seemingly definitely won't, impact on landlords.
  • Encourage more three-year tenancies in PRS.
  • Introduce an inflation caps on rent rises.
  • Ban letting agency fees for tenants.
  • Hand renters additional consumer rights.
  • Introduce a ‘fit for human habitation' legal minimum standard.
  • Make it easier for tenants to take action for sub-standard accommodation.
  • Reintroduce the Landlords Energy Saving Allowance (LESA)
On tax, Labour would introduce a 45% income tax rate on incomes over £80,000, and a 50% rate on incomes over £123,000. 

They are also banking on Corporation Tax to bring in the receipts, raising it: to 21% from 2018-19, 24% from 2019-20, 26% from 2020-2021. Small-business corporation tax (below £300,000) will be reintroduced at: 20% from 2018-19,  21% from 2020-21.

Some good news: excluding small businesses (under £85k turnover )from the Making Tax Digital scheme.

Finally, just in case you were  hoping they might put a stop to Section 24 restriction on mortgage interest relief, think again; there's no mention of changing course.

As regards flying pigs, crossing the Atlantic would surely be impossible. They'd never be able to carry enough water to sustain a trip like that, and surely, attempting a mid flight re-fuel would be too dangerous. 

Could a pig fly across the Channel? 

Well, maybe just, with a three litre Camelbak strapped to their back, a following wind, and hope in their heart.

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