Another £50,000 has already been raised through crowd-funding to help meet the costs of mounting a legal challenge to George Osborne’s restrictions on landlords’ mortgage interest tax relief, announced last year.
Letting Agent Today has reported for some time that that Steve Bolton, the man behind Platinum Property Partners, and fellow landlord Chris Cooper contend that Osborne’s Finance Act 2015 - containing the relief change - 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”.
They raised £50,000 through crowdfunding early this year and have this month repeated the feat - although the latest £50,000 is only a fifth of the ‘stretch’ target of £250,000 they warn may be necessary if they get consent to make a full court bid for a judicial review.
The pair are still awaiting a court ruling on whether they can make the full bid - this decision is expected in the next few weeks.
The full review, should it go ahead, will probably be held in the autumn.