18th
Apr 2016
A group of buy-to-let landlords, who have set up a crowdfunding campaign to kick out Osborne’s new taxes on the sector, are organising a summit that will take place on 9th June at the ILEC Conference Centre in Earls Court.
One of the speakers that have already confirmed who will take part is Lord Howard Flight along with other industry stalwarts at the ‘Tenant Tax Summit – Landlords Fight Back’. The crowdfunding group aims to raise an extra £250,000 to fund a court case against the HM Revenue & Customs and the Treasury.
The campaign has already raised £50,000 in just eight days, and the extra revenue will ensure the group will have ‘their day in court’ to battle the "ludicrous" buy-to-let tax relief changes that the government has introduced.
Steve Bolton, founder and chairman of a property investment franchise together with the landlord Chris Cooper are asking landlords, tenants (at the end of the day tenants will also suffer) and letting agents to assist in the funding of a judicial review.
Pledges to support the campaign can be submitted through the Crowd Justice Platform, an additional £250,000 is needed to fight the Section 24 of the Finance (No. 2) Act 2015, where finance costs have become revenue that is eligible to be taxed.
The group states that the new and “ludicrous legislation” will make sure that many lower earning landlords will have to sell their properties and others will be forced to raise their rents; the overall effect on the sector will see less properties available to be rented and tenants unable to afford higher rents.
The tickets will be given free to anyone who submits a pledge of at least £100 towards the legal costs; these are available via the Tenant Tax crowdfunding platform.
Corporate sponsors as well as partners and patrons will be covering the costs of the summit.
Steve Bolton of the property investment franchise said: “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’."
Bolton finished by saying: “We want to show politicians, the media and the country at large that we truly are a force to be reckoned with.”
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