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  • Section 24 HQ

    Conservative Peer attacks PRS tax reforms



    A senior Conservative Peer has accused the former Chancellor, George Osborne, of exacerbating the housing crisis through his cash grab on landlords in the private rented sector (PRS).

    Lord Flight, who previously served as Shadow Chief Secretary to the Treasury, has used an article for the website of the Residential Landlords Association (RLA) to warn that decisions to tax landlords on their income instead of their profit and imposing a new stamp duty levy on the purchase of homes to rent will “drive up rents” and “drive out investment in the sector” at a time when 1.8 million new homes to rent are needed by 2025.

    In his article, Lord Flight points to evidence from the London School of Economics that undermines the previous Government’s assertions that landlords are buying homes that first time buyers could have purchased. He also highlights assertions by the Institute for Fiscal Studies that landlords are taxed more heavily than homeowners.

    Lord Flight calls on landlords to lobby their local MPs to tell them about the damaging impact the tax changes will have on the supply of affordable homes to rent and encourage them to seek changes in the new Chancellor’s Autumn Statement on 23rd November.

    Commenting on the article, RLA Chairman, Alan Ward, said:

    “Lord Flight’s analysis is correct. When we need almost two million more homes to rent by 2025, recent tax changes will choke off investment, increase rents and make it more difficult for tenants to save for a home of their own.

    “The new Chancellor has an important opportunity next month to correct the previous Government’s changes to the way the rented sector is taxed. We call on him to seize this opportunity with both hands.”

    In our interview at the Tenant Tax Summit in June 2016, Lord Flight did not mince his words on the devastation Section 24 would cause in the private rented sector:



    TAKE ACTION - Send this link to all your landlord friends and share on Facebook and other social media channels.

                                Section 24 Letter and Report to your MP

    UP NEXT  -         Tenants face Section 24 tax bombshell say LLs

    SEE ALSO -       Tenant Tax campaign moves to the political arena
                               
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