The two landlords behind the possible legal challenge to George Osborne’s buy to let tax changes are appealling for “experts, mentors and best-in-class advisors” to help.
Letting Agent Today has reported over the past two weeks that Steve Bolton, the man behind Platinum Property Partners, and fellow landlord Chris Cooper contend that Osborne’s Finance Act 2015 - containing measures to restrict landlords’ mortgage interest tax relief and long-established wear and tear allowances - overturns fundamental financial business principles.
These include what Bolton and Cooper describes as “a long-established principle of taxation that expenses incurred wholly and exclusively for the purposes of the business are deductible when calculating the taxable profits”.
As such, the pair have raised £50,000 through crowdfunding to get legal advice on whether the Osborne proposals can be challenged through Judicial Review.
The advice should be forthcoming this week but in the meantime the pair, on their campaign Facebook page, have made an appeal. The entry reads:
Excellent advice and guidance today from a friend who has been fighting a Judicial Review against retrospective taxation since 2008. Some VERY valuable learning points shared and taken on board.
And a new member added to the legal team - one of the best in one particular area of our lines or attack on the Judicial Review.
Any other experts/mentors/best in class advisors you know, please put them forward to us.
Steve and Chris