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  • Tax

    1.4 million landlords unaware of S24 - claim


    Learn Change and Adapt ?????

    Like so many scare mongering articles, this one doesn't tell the whole story about S24  It states:

    The changes will:

    • Affect you if you let residential property as an individual, or in a partnership or trust.
    • Change how you receive tax relief for interest and other finance costs.

    The following landlords will be unaffected by the Section 24 changes:

    • UK resident limited companies
    • Non-UK resident companies
    • Landlords of furnished holiday lets

    Of course, this doesn't tell the whole story.  PRS landlords without mortgages on their properties will be unaffected by S24, and such landlords make up a significant part of the sector - so it doesn't really matter one way or another if these landlords aren't up to speed with S24.

    I'm all for education, but only if it's credible and tells the whole story.  Also, I don't know why people worry so much about those who haven't bothered to keep up to date with legislation that affects their business.  Be it on their own heads, and all that.


    You're very fortunate, Beth!

    Most of the LLs on PT are mortgaged, so it's very relevant here, and it's great to have a resource where we can study up on all aspects. Many of us have been doing that for years, and actively campaigning.

    You're maybe right, why worry about LLs who're not yet aware of S24, but I worry about the tenants. The affect on their lives is going to be far far worse than on Landlord's mainly because they don't have the options LLs do to mitigate, and the social housing sector is in such a sorry, deficient state. I spoke with my MP about that side of S24 when I met him for maybe half of the 20 minute slot I had. I know you're a good person and LL, so I imagine you must also be concerned about the effect S24 will have on the social housing sector with the loss of all the private rental housing stock at the arse end of the market? Especially when you combine S24 with UC caps? Dreadful.

    Discussions on S24 may bore you, as they're not relevant to you, but they are very relevant to many of us. I certainly want them to keep coming, along with informed opinion, so that I can carry on educating myself.



    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    Hi Rachel.  The discussions about S24 certainly don't bore me, sorry if it sounded that way.  And you're quite right, most of the landlords on PT probably do have mortgages and I do realise the enormous and negative impact on all of you.

    I've copped quite a bit of flack over the past 12 months when trying to present the positives of BTL, not as a 'stand alone' but to add to the negatives, thinking that it would help to present a fuller picture of BTL.  I don't think my posts are very welcome though!

    I've learned a lot from PT and wish everyone all the best.


    I was so positive at one time

    I wish I could show you my old posts on Citywire from 2007 till 2012

    I was so upbeat that BTL was the be all in investment

    If you find my posts on line you might see a different side of me

    I used to sound like JC and yourself

    But S24 and other rules have made my life very stressful and I have changed my view of our sector

    In general I find the folk who are upbeat are the un educated and the folk who sell there services to landlords

    My business is worth Millions and I employ nearly full time the services of Builders Painters Plumbers ect ect

    I was buying 10 houses a year and now I buy nothing because of taxation

    even with my new Company formation I cant see sense in investing one penny more in BTL unless I have too

    If we see  further changes in the sector as I have outlined you may see my point because it may effect you plans and dreams

    I don't get a thrill out of negativity  but I report what I feel and what I am seeing

    we can talk up the market and try and see good things But The UK is not good at present

    Its divided and un happy worse then I have ever seen before

    I spend a great time away from the UK in my home in Gib  looking back at the mess the UK is in

    its not just BRITX its every thing that is going wrong in the UK since 2007 crash

    I worry for my son and his children for what a future they have in the UK

    And for the first time in my life I have thought about leaving the UK for good

    its a horrible dirty broke country and its bankrupt  I am very sorry to say


    Learn Change and Adapt ?????

    Beth you are putting your head in the sand if you think S24 will not effect you with all the other changes going down the track it will effect the sector one way or another

    S24 was just the start  The Govt doesn't want you are me in this sector and that is the truth

    They are hell bent on making this sector harder to work in

    Letting Ban Fees

    Wear & Tear allowance

    CGT paid higher on residential property higher than any other  sector


    you may say well the above will not effect me but if my next list was to happen it would effect you

    Licence on all BTL

    Rent Control

    Tighter regulation in regard to longer tenancy's and less landlord rights

    Rent control is a strong possibility in my view Landlords may say NO No No its stupid and doesn't work but from the actions the Govt has taken in the past in genital is quite


    I can survive all of the above if it were to happen but it will wreck the dreams and hopes of Landlords If the Govt carries down this road

    and if the market crashes a great number of property owns will be hurt and a great number of tenants too

    This is precisely the reason why I am investing in other sectors to provide me an income stream away from BTL if it goes belly up

    We are sitting ducks



    Learn Change and Adapt ?????

    Guys and Girls please look at my blog on Citywire a few years ago the topic was pensions vs BTL

    well I must admit ive been investing in uk property since 1982

    ive see the good and the bad times for capital growth

    would I do it again if i had my time over GOD YES and more

    I was 24 when i started but there was no such thing as BTL in 1982 and if I was 24 now i would go into the bussiness but now the main differance is BTL Mortgages are there to be had and its much easier

    IFA,s will beat the drum of Pensions and I really think unless you are paying 40% tax dont touch them better invest in an ISA

    I often sit in my office thinking where do I put my money this year and yes i put a bit in pension about 3K and about 11k in an ISA

    Ive bought high yeilding shares but i just dont get a kick out of ISA,Pensions,and Shares there so boareing

    And you dont have much control of what happens

    IM sticking to property and forestry I dont know a lot about commercial property so i say clear

    Being a Landlord is never easy if you enter BTL and think it will be stick to your 9 to 5 job

    BTL has given me a great life liveing life on my own terms with no boss is a fantastic thing

    BTL is good for my family when I leave this world I can leave something behind that my family can use and hopefull enjoy too giveing them the better things in life

    What more can a person want in life


    Learn Change and Adapt ?????

    I agree it is a scare-mongering article. Even Paul Barrett agreed (eventually) that the governments estimate that only 20% of LLs would be affected is pretty reasonable. That is still close to 900k. So even if we assume the sample was biased towards those who will be affected a lot of the 1.4m will nt be affected.

    It might bring it to the attention of some who will be affected and are as yet ignorant so there is some point in such scare-mongering, but as you wrote they really ought to have included the biggest group of LLs who will not be affected - those without mortgages who seem to be a little more than half of all LLs.

    May to August next year should be interesting as people start doing their tax forms and notice the new bits that will be needed for S24.

    As for the UK being divided and unhappy I think the mid-70s were worse. Certainly the financial situation was worse with the government having to request a loan from the IMF. Brexit whilst it has it downsides also has it upsides, especially long term. For example the pound no longer being so over valued is helping exports.


    This fig of 900k is an interesting one Peter

    the Fig will include large landlords who own BTL and Mortgages of course

    I am only one but I own Tens of houses and If I sold up because of S24 it would have a large effect in the streets I operate

    I will not be alone in this situation so in reality it should be the number of homes that are effected by S24 Not the percentage of Landlords effected

    I could make a 200 tenants homeless over night If I sold tomorrow


    Learn Change and Adapt ?????

    Yes, larger landlords are more likely to be affected, but the article was talking about a number of LLs so I responded the same way. It seems the correct way when talking about whether LLs know about S24.


    I think the impact of s24 will be much larger than the Govt estimate


    Learn Change and Adapt ?????