The two landlords behind the bid to seek a judicial review of George Osborne’s buy to let mortgage interest relief tax clampdown say they are planning a major event for Friday June 10.
“Please block out Friday 10th June in your diary. We are planning a very big and very important event on that date in London. We believe that it is time for large numbers of landlords to come together and stage a fight back” write Steve Bolton and Chris Cooper.
The pair are arguing for a judicial review of section 24 of the Finance (No. 2) Act 2015 which includes the proposed restriction of mortgage interest tax relief at a basic rate, even for higher rate-paying landlords.
This follows Osborne’s announcement on the interest tax relief change, initially made back in July of last year. Bolton and Cooper describe the announcement as ending “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”.
Now on their campaign’s Facebook page they say that the June 10 event will be a focal point for those unhappy with recent attacks on the private rental sector - and not just the mortgage interest relief issue.
“A venue for up to 800 people has been reserved, some key speakers have been booked and our aim is to help educate, inform, inspire and collaborate in a manner that our sector has never seen before” write the landlords.
“We would love to have your support, attendance and ideas, to create positive and lasting action before, during and after the event itself.”
The two landlords, who late last year successfully used crowdfunding to get £50,000 to begin the process of mounting their legal challenge, say they will shortly begin another crowdfunding campaign to continue their fight.
“We will need to raise more funds to take this all the way to court, which is the only chance we have of winning the battle and getting this law abolished” they write.
No details of the new fund-raising have so far been released.
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Forget changes to SDLT - it is Section 24 that will destroy the PRS. Well done Steve and Chris for trying to raise the profile of this appalling piece of legislation and get it removed from the books. I am fully in support of the event on June 10 and will book my train ticket today.
I live in a marginal parliamentary seat where I am organising landlords to make their views heard. The Conservative's need to know that we will not have our businesses destroyed by a poorly thought through tax change without a fight. If we can show that we have the power to deny them a number of seats at the next election they may take our legitimate concerns more seriously.
May I suggest that other landlords also take the fight to their local Conservative Party constituencies. The national fight organised by Steve and Chris is important. Local, grass roots pressure should also be brought to bear on vulnerable Conservative MP's.
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