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I often see in Blogs that Landlords feel S24 ect will go
Personality I would love to see the back of it even if the retrospective side would be very welcome
I watched the BBC News and they confirmed that the medicine the Govt is using to put off Landlords is working
A number of Landlords keep using the Irish s24 as yard stick to end S24
For the Life of me I cant see any reason to think why the Govt would change a Policy which is working
We are not Ireland we have a very different Housing Market so I just don't get the comparison
The Govt want Large Investors from the city who provide purpose built property for the PRS
and most likely at a better standard than we provide in general
I personally don't think we have a Cat in hells chance it will change
If the Government did a unchanged on this Generation Rent and there supporters will be up in arms
If Labour come to Power there is even less chance of it changing
I know we bleat saying there will be homeless folk on the streets and rents will rise
this will come to pass but it wont change our cause
The Public don't support our sector so why should it change
I just don't get the optimism on this issue.
Learn Change and Adapt ?????
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Yes I share your pessimism
Vanessa reckons it will be abolished...................eventually. !!!
Now I know Vanessa has probably a far better appreciation than most about all things PRS due to her continual engagement with those involved in it and is certainly privy to lots of stuff that we don't know about.
However I simply do not and cannot share her optimism from my possibly less informed perspective.
Perhaps that's because I'm a bit of a grumpy old git!
But I see it your way
S24 is the tax that will keep on giving for decades.
Eventually there won't be many S24 LL remaining.
But it will be decades before that occurs.
S24 will therefore remain a nice little earner for Govt coffers.
The fact that S24 is causing homelessness doesn't seem to bother the Treasury which is why I believe S24 will remain long after we have popped our clogs
Homelessness is a price worth paying for all that lovely S24 tax.
Govt knows most LL are trapped by S24 which is why they aren't bothered about its effects.
They have a LL population demographic ripe to be robbed for many years.
It is highly unlikely that new entrant LL will invest in their own names so gradually S24 LL will wither away.
But this will be a very slow process during which time Govt can hit the LL without any electoral disadvantage whatsoever.
Homelessness is not the Govt problem??
they side step the issue and leave it to Local Councils to deal with
we know the Govt has little time for Councils Just look at how they have off loaded the job of raising taxes on to the councils with the rises in April
The Large majority of the UK doesn't have a housing problem
Its a SE problem in general
affordability in the Majority of the country is not a Problem
Its a SE problem
S24 Stamp Duty and PRA has a larger effect in the SE than any other area
So why would it Change ???????
S24 will go on and on Just like the removal of MIRAS from home owners
The PRS are mugs if they think the Government will change anything.
MIRAS was introduced in a very high interest era to help home buyers - but in SE with the £30k cap was withering on the vine by early 1980s due to price inflation - allied to falling rate of basic rate Income Tax (latter being 35% in the 1974/75 Tax Year).
If original MIRAS was still in place today it would be worth about £4 weekly to borrowers.
On wider topic of S.24 - the big question has to be whether corporate LLs will remain immune??
Your missing my point ?
when Tax Brakes go they go for good
It was never a 'tax break', it was and still is a legitimate cost that should be tax deductible.
Yes and to me I still feel its not legal . But the courts told us we had no chance of fighting it .
Without saying too much. As much has been said already. I think it will go BUT not very soon as ine of the driving forces of the decision would be the accumulated consequences and the imoact on the victims of s.24.
The gpod news will be to see it go.
I think you are looking at this S24 issue through rose tinted spectacles!
The 20% tax credit will be removed.
S24 will go on for decades.
There is simply no incentive for Govt to abolish it.
It seemingly doesn't affect the Govt of the day in any electoral way.
Until I see tenants and the likes of Shelter and GR clamouring for S24 to be abolished to incentivise private LL to return is the day I believe it might be abolished
But I know it will NEVER happen.
I have very clear spectacles! !
even Mystic Meg would have a problem seeing any changes In the future
S24 PRA and Stamp Duty are very clever tactics
It has most effect where is targeted and that's the SE
although we are all effected by it
Its only us who complain
The govt has this sewn up in such a lot of ways
If you really want to be in the Game the door is open for corporate structure
I have always said this is far from over
Labour in power will Tax Company Landlords more
and Rent Control too
If the Tories come to power even they would bring in S24B and Rent Control
We are not wanted in the sector and the Govt know it and they can twist the screws as much as they like
Just look at the track record
BTL down 80% and the Govt has more cash from CGT and Stamp Duty then ever before
If I was a Policy maker why would I change It.
Of course the general changes to SD have already hit the upper end of residential sales - and lowered tax take so more incentive to keep S.24.
Noteworthy too is that Govt is also hitting Social Landlords - Capital Subsidy for new builds has been cut from 75% to 14% since early 1990s - hence in Kingston SW London a new build 2 bed Council flat has rent £1000 pcm.
Social LLs borrow at average 4.125% pa interest - hence every £100k of loan needs rent at £367 pcm to repay loan over 60 yrs.