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Property Tribes is delighted to present an exclusive interview with IDS filmed at the Landlord and Investment Show at Olympia earlier this month.The interview, where I was only given a 2 minute slot due to time constraints, which I stretched a bit (!), shares some insights on Iain's thoughts on Section 24.
Thank you to the Landlord Investment Show for arranging the interview and lending me their cameraman!You can watch the expert panel debate in full in the video below where such issues as Section 24, Universal Credit, and evicting tenants were discussed.SEE ALSO - New Conservative controls for the PRSUP NEXT - Iain Duncan Smith speaks out against S24!DON'T MISS - Budget 2017: Landlord & property perspectiveNOW WATCH:
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**
Yeah well done V!
Does seem like IDS sorts of gets where the LL are coming from.
That is a start at least!!
Let us hope he can make an impression on the debate in Govt circles.
Though I don't hold out out much hope until we start having Ireland type effects following their introduction of a type of S24.
Their's wasn't even retrospective and yet a few years later the Irish Govt is having to abolish their S24 version.
That should really be a big clue to a UK Govt of the way things will probably go!!
In the debate, there is mention of a rogue tenant database... That's a fantastic idea, I was toying with the idea of building a good tenant database but the issue i think will be data protection.
Please see my post which will answer your query
The post is for the recent investors meeting show.
There you will find the information you seek courtesy of my post! !!
Give LRS a call tomorrow and they will explain all! !!!
Good Interview Vanessa. Good to see an MP of his caliber engaging in landlord and speaking out against the retrospective tax changes that punish investors for investments made on a complete different basis than it is today.
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
Vanessa, thank you so very much for all the dedication you put into your work. I sincerely appreciate it "all" very much. I love Property Tribes. Please keep up the excellent work you do.
Thank you for such a kind comment Priscilla, it is much appreciated. I am very lucky to have found a niche where I can share my passion for property.
The key to getting section 24 revised is to challenge the retrospective nature of it.There is no justification in bankrupting landlords or causing them massive financial distress with the resulting evictions it will cause.It is nothing more than an act of cruelty.
I would like to know how the Treasury justify such an act or is it a case of a tax grab at any cost? Perhaps the Treasury's attitude is to do anything they can get away with.
Good to hear IDS being so forthright about the retrospective nature of Section 24.Let's hope he gets the ear of Phillip Hammond and can influence him before this onerous tax really starts to bite.
"Looking after landlords for less"
Good to hear IDS is against retrospective Taxation
I am not sure we will see a Change in S24 I would like to see it go its an Evil Tax
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.
If there is no change to section 24 there will be massive homelessness for LHA tenants,bankrupt landlords and rising rents that will make it even harder for FTB to save a deposit.
IDS can see all this but it's a sad fact that the Treasury will probably only act when there is blood on the streets.They should be taking measures NOW but they prefer to observe the misery from there ivory towers