The legal Campaign against the UK government’s planned buy-to-let tax relief change has announced a summit for this June.
The “Tenant Tax” campaign is currently seeking a judicial review of Section 24 of the government’s Finance Act 2015, which plans to change mortgage tax relief for Landlords, a move that will turn a normal business expense into a taxable revenue. The legislation will impact both landlords and tenants, forcing the worst affected landlords either to sell their properties (thereby reducing the supply of rental properties and forcing tenants to find new homes) or increase their rents to cover costs (making renting more unaffordable for tenants).
The legal challenge began last year with a record-breaking crowdfunding campaign, which saw £50,000 raised in just eight days. As the co-claimants await a ruling on whether they have permission to proceed to a full hearing, this second fundraising campaign has been launched to raise £250,000 to take the judicial review all the way to court.
Steve Bolton, Founder and Chairman of Platinum Property Partners (Platinum), and fellow landlord Chris Cooper, are calling on all landlords, tenants, letting agents and others who will be adversely effected by this new legislation to support their cause by donating through Crowd Justice.
To raise awareness and support, the Tenant Tax team will be holding a major summit in London this June. Taking place at the ILEC Conference Centre near Earls Court on Thursday 9th June, the event has already lined up some high-profile keynote speakers, including Lord Howard Flight, SpareRoom.co.uk, Shawbrook Bank and other industry, tax and legal experts.
Tickets for the event are being offered through the Tenant Tax crowdfunding platform only and anyone who makes a minimum pledge of £100 will be given a complimentary ticket. This is to ensure that 100% of ticket sales can be channelled towards the legal challenge.
Steve Bolton comments: “The days where ‘nobody loves a landlord’ must come to an end. We need to unite to show that we will not accept the victimisation of landlords and tenants by the out of touch political elite. They are deluded if they believe that they will go unchallenged when trying to reclassify ‘mortgage interest’ as anything other than a ‘normal business expense’.
“The Tenant Tax is wrong on every level and if we allow a normal business expense to become a taxable expense for landlords, who will be next; Corporate landlords? Shopkeepers? Small business owners? Anyone who has used finance to help expand their business?”
“We aim to make the Tenant Tax Summit a very enjoyable, inspiring, interactive, uplifting, informative, educational and motivational day,” he adds. “It is a unique chance for our grassroots supporters to come together, support each other, share ideas and shout from the rooftops. We want to show politicians, the media and the country at large that we truly are a force to be reckoned with.
“This is a not-for-profit, volunteer-driven campaign and we encourage all landlords, tenants, lettings agents and other industry organisations and businesses to find out more and support our cause.”
For further details of the Tenant Tax Summit, visit www.tenanttax.co.uk or for further details of the campaign, visit www.crowdjustice.co.uk/case/tenanttax.