The two landlords spearheading a campaign to challenge the change to buy to let mortgage interest tax relief have launched another £50,000 fund-raising bid.
Letting Agent Today has reported for several months now 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 now require the same amount again. Belvoir letting agency mailed its landlords in January, urging them to support the campaign financially.
In a statement to supporters the two landlords say: “With your continued financial backing and support, we plan to take the Government all the way to court and fight the strongest case that we can.
“Please spread the word far and wide amongst your community, especially fellow landlords, tenants, letting agents and others who will be adversely effected by this ludicrous legislation.”
Anyone pledging over £100 will be able to claim at least one complimentary ticket to a campaign rally being held in London on June 9.
The process of seeking consent for a review should be concluded soon, although if the landlords get the go ahead the timeline thereafter means it may be months rather than weeks before the review itself is heard and decided upon.
“Our application to the court for a Judicial Review was lodged in mid February. A joint response came back from HMRC and the Treasury by way of their Acknowledgment of Service. We worked closely with our lawyers and have sent a robust response to the courts to counter the issues raised. We are now waiting for the court to rule whether we have permission to proceed to a full Judicial Review hearing” say the campaigners.