Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.

Calls for new Chancellor Philip Hammond to ditch the mortgage interest relief changes proposed by George Osborne have intensified ahead of next month’s Autumn Statement.

The RLA is asking members for one last push to let MPs and Ministers know the devastating impact these changes will have on them – and their tenants.

The legal bid to force a judicial review of the Government’s controversial MIR – or Tenant Tax – plans failed at the High Court.

But while this was a huge disappointment all is not lost. The RLA is continuing its high level political lobbying to persuade the Chancellor to rethink plans to stop buy-to-let finance costs being a legitimate business expense.

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The RLA has been campaigning since the proposals were first announced in 2015. Representatives have already met with Treasury officials to discuss the issue and have made a significant impact in Westminster.

The association is asking that MIR changes be scrapped, or at the very least, applied to new borrowing only, a move that will minimise the impact of these changes on established landlords.

Ahead of the Autumn Statement the RLA has a further meeting with the Treasury scheduled, as well as a round table with Tory MPs and Peers.

It has also issued a further rallying call to members to contact their MPs to explain the impact these changes will have.

RLA Chairman Alan Ward said: “We cannot do this on our own. It is vital that members contact their MP to explain the devastating impact that this unfair tax grab will have on them and their tenants.  They can also ask to meet their MP to discuss the issues face-to-face.”

An RLA survey of landlords showed the MIR changes will lead to higher rents for tenants, see repair and maintenance standards slip and stem the supply of PRS housing at just the time when demand is soaring.

Mr Ward continued: “This is bad news for everyone involved and we need to let the Treasury know that. We need to spread the word to as many people as possible. Hundreds of landlords have already backed the campaign writing to and meeting with MPs and we are asking those who have not yet got involved to join them.

“We need a last push ahead of the Autumn statement. We need to hammer home to the Government just how devastating these changes will be and we need to stand together to oppose this unjust tax and fight for a fair deal for the PRS landlord.”

Article Courtesy of: RLA

Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.
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2 COMMENTS

  1. As a landlord, I have seen my properties double in value over the last 5 years, and I collect rent too. This is a mainly unearned profit that was a gift from the Bank of England as a result of money printing and ultra-low interest rates. I\’m very happy to lose the tax relief- there is no need to be so greedy!! The point of this tax is to put owner-occupiers on a fair and level-playing field to landlords, as people are homeless due to the high prices.

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