FREE tenancy agreement
FREE landlord software
Section 24 covers the reductions in mortgage interest tax relief for landlords, set to begin in April 2017.
So fingers crossed. The decision should be in sometime today.
Here it is, the decision is in -
The Administrative Court’s decision is to not grant permission to proceed to a full judicial review hearing of the legislation.
“We are outraged by the Court’s decision today. It has completely missed the opportunity to protect tenants, landlords and the housing market from the disastrous consequences of Section 24.
From April 2017 the negative impact of this previously failed tax experiment from Ireland, where rents increased by 50% over a three year period, will be felt far and wide. Sadly it will be tenants who are hit hardest; they are set to see unprecedented rent increases over the coming months and years, which will be a very clear and direct consequence of this ludicrous legislation.
For many, it will also mean the loss of their homes because vast numbers of landlords will be forced to exit the market. Hard-working, responsible landlords will have their pension plans in ruins, but the large corporations and the wealthiest in society, who can buy property without the need for mortgage finance, are systematically excluded from this unfair tax policy.
Now that the legal route has run its course, we will be focussing 100% of our attention and resources on taking our case more forcefully, more powerfully and more directly, right to the heart of Government. Our goal is simple: to abolish this tax or to remove the retrospective nature of it.
We will be launching a range of lobbying, media and grass-roots activism measures over the coming days and weeks. We will also be encouraging all of our landlords to write to their tenants if they have to increase their rents or sell up, clearly explaining that it is this Conservative tax policy that has forced them into this situation.“
Bolton and Cooper are raising additional funds via www.tenanttax.co.uk
Landlords Steve Bolton and Chris Cooper are hoping to argue the changes will unfairly impact on individual landlords, whereas corporate landlords and companies will be left unaffected.
So fingers crossed. The decision should be in sometime today.
Here it is, the decision is in -
The Administrative Court’s decision is to not grant permission to proceed to a full judicial review hearing of the legislation.
Cherie Blair QC( yes, that one ) representing Steve Bolton and Chris Cooper commented on the failure -
“The Court’s decision that our clients’ legal challenge should not proceed is very disappointing. Steve and Chris, and many others, have dedicated a lot of time and energy into putting forward the best case possible. We know the case has been supported and followed with interest by a large number of individual landlords. Many of these landlords now face challenging times ahead.
“From the outset, the legal process was just one aspect of our clients’ fight against this unfair measure. Together with their impressive and growing coalition, they will continue to engage with the Government, and the legal team wishes them every success.”
Mr Bolton and Mr Cooper were not happy about the decision.
They have issued a joint comment:
“We are outraged by the Court’s decision today. It has completely missed the opportunity to protect tenants, landlords and the housing market from the disastrous consequences of Section 24.
From April 2017 the negative impact of this previously failed tax experiment from Ireland, where rents increased by 50% over a three year period, will be felt far and wide. Sadly it will be tenants who are hit hardest; they are set to see unprecedented rent increases over the coming months and years, which will be a very clear and direct consequence of this ludicrous legislation.
For many, it will also mean the loss of their homes because vast numbers of landlords will be forced to exit the market. Hard-working, responsible landlords will have their pension plans in ruins, but the large corporations and the wealthiest in society, who can buy property without the need for mortgage finance, are systematically excluded from this unfair tax policy.
Now that the legal route has run its course, we will be focussing 100% of our attention and resources on taking our case more forcefully, more powerfully and more directly, right to the heart of Government. Our goal is simple: to abolish this tax or to remove the retrospective nature of it.
We will be launching a range of lobbying, media and grass-roots activism measures over the coming days and weeks. We will also be encouraging all of our landlords to write to their tenants if they have to increase their rents or sell up, clearly explaining that it is this Conservative tax policy that has forced them into this situation.“
Bolton and Cooper are raising additional funds via www.tenanttax.co.uk
Good luck chaps.
Landlords lose High Court battle over buy-to-let tax #buytolet https://t.co/MeS9Wb0ZSw
— Financial Adviser (@FANewsdesk) October 6, 2016
Landlords lose buy-to-let tax challenge, plus scam warning for jockeys https://t.co/ryrXueqHbM
— Guardian Money (@guardianmoney) October 6, 2016
Judge dismisses #buytolet legal challenge https://t.co/5KTB6UUiVf
— NLA (@nationalandlord) October 8, 2016
Posts
2 comments:
'but the large corporations and the wealthiest in society, who can buy property without the need for mortgage finance, are systematically excluded from this unfair tax policy.'
True enough, but then again they do not expect the taxpayers of the UK to subsidize the purchase of their properties.
How can you possibly say that. If it were not for private landlords the country's housing would be in a total mess. These landlords are getting punished for helping the government out by getting taxed on money that they have not earned as it has to pay for the properties mortgage.
Post a Comment