Khalil: Beleaguered landlords call in the heavyweights
Legislation lowdown
The government has blown hot and then cold about landlords in recent years. But, above all, it has delivered some rather icy blows to them.
On the one hand, it has sung hymns of praise to landlords’ central role in fixing the broken housing market. In the recent White Paper on housing, for instance, landlords were the knights in shining armour, valiantly helping house the nation.
But the other hand has often been a clenched fist. Landlords have been prominently on the government’s revenue collection radar, and a number of proposed legislative changes threaten landlords’ ability to realise profits in the near future.
Section 24 and a new tax regime
The most contentious of these has, undoubtedly, been the new tax regime that is detailed in Section 24.
These changes, if passed into law, will greatly affect sole trader landlords with mortgages, and impact seriously on the ability of all landlords to invest further, with an introduction of a 3% stamp duty surcharge on second properties.
Heavyweight help is at last at hand
Support from MPs for beleaguered landlords has been conspicuous by its absence. But, at last, the cavalry can be seen beginning to emerge on the distant horizon.
Leading the charge is Tory heavyweight, Iain Duncan Smith. The former Secretary of State for Work and Pensions has emerged as the leading light of a renegade band of cross-party MPs charging in to battle for landlords.
A couple of months ago Mr. Duncan Smith listened to landlords’ concerns at the Landlord and Investment Show in London.
Since then he has said:
“It is time to look again at the way we treat private landlords.
The stamp duty levy on the purchase of homes to rent, the reduction of mortgage interest relief to the basic rate of income tax and proposals to tax a landlord’s turnover rather than profits have led to landlords scaling back or leaving the sector.
We should be encouraging them with devices such as VAT relief on conversions or even capital allowances, not punishing them”.
Guarantees for landlords
In punishing times for landlords there is still one way to guarantee your profits.
Whatever blows are delivered to landlords, Khalil’s Rent Guarantee Scheme (RGS) can ensure you have a permanent income from your rental investments.
And, it couldn’t be easier to ensure you always turn a profit.
You lease your property to us for five years and we deal with the tenants, compliance issues and daily maintenance. We pay you rent every month, regardless of whether your property is currently occupied or not. And regardless of what challenges legislation may throw at you.
Phone: 01273 573960
Mobile: 07984 015669
Email: ahmed@khalilproperties.co.uk
Address: 124 Lewes Road, Brighton, BN2 3LG
www.khalilproperties.co.uk
