Some of the property professionals behind the campaign against the changes to buy to let landlords’ taxation have compiled a comprehensive document outlining their case.
Landlords Chris Cooper and Steve Bolton - who recently attempted to secure judicial review of section 24 of the Finance (No 2) Act 2015, containing the tax proposals - are amongst the contributors to the document which is given the sub-heading: “The unjust legislation that will make the UK housing crisis much worse.”
The 78-page document covers the history of its introduction in the summer Budget of former Chancellor George Osborne after the Cameron Conservative government was elected last year; it also seeks to explain how it was justified by politicians and then, in detail, the effects it will have on the private rental sector.
It also includes recent Irish experiences where legislation with a similar aim has recently been rolled back because of its damaging effects on private renting.
Two powerful case studies are included; they show effective tax rates of 83 per cent and 93 per cent for two portfolio landlords that would be caused by Section 24 of the legislation. There is also evidence included of landlords feeling obliged to pass on possible losses to tenants in the form of higher rents.
The full document is available for downloading here.