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Today, the procedural hearing into whether there could be a Judicial Review of Section 24 ruled that there could not be one.Property Tribes was at the hearing and we recorded these interviews from the Tenant Tax team, landlords, and industry stake-holders to get their reactions to this disappointing news:If you missed the action, it was live-blogged here:Live from the Judicial Review hearing Commenting on the High Court decision to refuse permission for a Judicial Review of Section 24 of the Finance Act, Richard Lambert, Chief Executive Officer at the National Landlords Association (NLA) said:
“This decision is ultimately disappointing not just for landlords, but for the tenants who will see their rents rise as a consequence of the changes to landlord taxation.
“While we have never been convinced that there was a solid enough legal case to overturn George Osborne’s decision, we hoped the Courts would be prepared at least to listen to the arguments.
“We congratulate Steve, Chris and the campaign team on their determination, perseverance, and their success in raising awareness and increasing the visibility and understanding of what will be a dramatic change to the ability of hard working people to provide homes for others.
“This issue has been the focus of the NLA’s lobbying for the past 15 months and, as the UK’s largest representative body for landlords, we are still committed to changing this damaging policy through political engagement and lobbying. We urge all landlords to join us in this fight.”Coverage by the Guardian can be found >>> here. 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 MPUP NEXT - Live from the Judicial Review hearing SEE ALSO - Change in landlord behaviour - limited co's. DON'T MISS - Diversify your portfolio in the face of Section 24
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
David Smith, Policy Director for the Residential Landlords Association (RLA) has issued this comment:“Having provided support for this case, the RLA is disappointed it will not progress to a full judicial review.“The campaign to seek changes that will address the more difficult aspects of recent tax reforms to the private rented sector must now focus on a political path.“The Autumn Statement next month provides an important opportunity for the Government to make changes that will support the development of the new homes to rent the country desperately needs.“The RLA has already met with Treasury officials to discuss the issue and it will continue to lobby for changes that are good for tenants and landlords, whilst recognising the Government’s limited financial room for manoeuvre.”
Vanessa thankyou for your excellent coverage on this event
I agree that they are great threads but neither this thread, nor the Live Feed from the court case, appear on my Dashboard among the Feeds. Am I doing something stupid?
This might have gone under the radar today, so posting here, especially in view of what has gone on today!Landlords 0 HMRC 2?This from Landlord Zone as breaking news today:HMRC to review small Ltd Co business taxationIn the March Budget it was announced that the Government is considering the introduction of a completely new system of small company taxation.They have asked the Office of Tax Simplification (OTS) to consider a possible completely new system of taxation for small businesses,... including landlord businesses. It is proposed that the new system, if introduced, would apply to what HMRC term “micro-entities”, those businesses with 9 or fewer employees, and this would tax shareholders directly on their company profits in proportion to their shareholdings as if the company was a partnership or LLP.For example, if a couple each owned 50% of the share capital of New Landlord Trading Ltd, and the company made a profit of £100,000, there would be no corporation tax to pay but they would each be taxed on their £50,000 share whether or not that amount was distributed to them. HMRC says this could “level the playing field” between the taxation treatment of a small limited company and an unincorporated business.The Government and OTS are also considering the introduction of protected asset status for unincorporated businesses to align the owners’ liability with that of limited company shareholders. Both proposals may have significant tax implications for any landlord considering incorporation – speak to your accountant.Source/full article
Scaremongering and selective quoting to stimulate discussion!
This won't happen. The report recommends 'see through taxation' would be optional for businesses which wanted to go for it. The report recognises that 'see through taxation' will not suit businesses who use retained profit to invest in growth... such a move will be completely counterproductive for growing businesses and UK Plc
Check me out at: http://www.LordLucan.com
More industry reactions and what happens next for landlords in the fight against Section 24:
a big rock indeed so right you are some landlords will make Nothing
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Richard Lambert, Chief Executive of the National Landlords Association, gives his reaction to the news and urges all landlords to remain committed to supporting the campaign:
I met him at a Landlords meeting this year I was with him over an hour and he is quite switched on
He told me in confadance S24 would not change Via Court and he was correct
The NLA never thought we would win in court
More industry reactions from two well known commentators, Paul Shamplina of Landlord Action and Kate Faulker of Designs on Property: