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Well, Section 24 has arrived! If you haven’t already considered it’s impact on your business as a landlord, now is the time to.
We’ve produced a brand new Section 24 guide, which will help you get your head around the changes, how they might affect you and steps you can take the minimise it’s effects on your buy-to-let investment.We’ve spoken to key industry figures including our own CEO James Davis, Tom Entwistle of LandlordZONE, Vanessa Warwick of Property Tribes, Raj Jiwani of Charterhouse and Martina Lees, Sunday Times journalist and author of ‘the accidental landlord’.
You can download this free guide here.
We've also written a blog post on steps you can take to minimise the impact, here.
Is it something that S24 LL could give to their tenants to explain why their rents will be increasing further year on year even more than they would have done!?
Could there be a suggested letter to accompany this guide to assist tenants to understand the guide?
Hi Paul, that would be a great idea! I think it's important that tenants understand the pressure landlords are being put under with these tax changes and it would certainly help to explain rent increases or Section 21 notices.
Hi Paul, thought you may be interested that we took your advice and produced an explanation guide for tenants too, link is at the bottom of the post: https:// https://blog.upad.co.uk/blog/why-is-my-landlord-increasing-the-rent
OK well done
I was only expressing my opinion
I didn't intend it to be advice as such
I'm sure you don't need the likes of me chiming in with my pennyworth for you to manage your business!
I just thought it might be useful for the poor old tenant
I still struggle with S24 understanding, a tenant stands no hope.
So any assistance to that end has to be a good idea.
Well done for considering my point and responding accordingly.
I'm sure your additional info will assist all parties.
Well your comments certainly inspired us so thank you! Completely agree that it's really important tenants understand the implications of this new tax, hopefully this will be of some help to them.
uPad I wish you'd use a different name.
Section 24 could be confused with the possession notice of similar name.
We in fact talk about Clause 24 of the Finance Act, or the branded term Tenant Tax.
A semi experienced landlord seeing an email "What is Section 24?" could pass on by thinking it refers to the possession notice.
Looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance. The above is not financial advice, its me rambling - just passing time on a coffee break.
Hi Adam, we do explain further in the guide but it's a bit too long a title to put the full act down! Thanks for the feedback though.
Yes - a long title would not have worked.
Clause 24 was actually the name of the proposal, before it was passed into statute. Section 24 is the correct term imho.
I agree that most will know this tax as Section 24.