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Last Push To Fight Changes To Mortgage Interest Relief

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Last Push To Fight Changes To Mortgage Interest Relief

We have received a request from the RLA that anyone adversely affected by the changes to mortgage interest relief get involved in their lobbying activity - full details below and as in so many previous newsletters, we do urge all members to check the impact of these changes using our simple calculator on our home page as many landlords continue to think they will be unaffected only to find that the changes will push them into a higher rate tax band and potentially, taxes could be greater than profits.

Dear PDPLA Member,

Sadly, the legal bid to force a judicial review of the Government"s controversial Mortgage Interest Relief - or Tenant Tax - plans failed at the High Court.

But all is not lost. While Steve Bolton and Chris Cooper have confirmed they will not appeal the decision, we at the RLA are continuing to lobby at the very highest level to persuade the Chancellor to rethink plans to stop buy-to-let finance costs being a legitimate business expense.

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

There has been a surge of support from Tory backbenchers and we are continuing to campaign - 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. We have a further meeting with the Treasury scheduled and a round table meeting with Tory MPs ahead of the Autumn statement.

But we cannot do this on our own. It is vital that you contact your MP to explain the devastating impact that this unfair tax grab will have on you and your tenants. You can also ask to meet you MP to discuss the issues face-to-face.

An RLA survey of landlords showed these 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. This is bad news for everyone involved and we need to let the Treasury know that.

We have updated our template letter for all members to send to their MPs. Simply download it and use the empty box to talk about your own experience. Once you have clicked on the template letter link, you will need to scroll down to the bottom of the page. Click on the contact your MP button, select the region. This will enable you to submit your enquiry to the MP in question.

Or even better meet them in person. And if you do see them, take a photo and 'tweet your meet'. Don't forget to tag @RLA_News and your MP, if they have a Twitter account.

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 you 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.

Alan Ward
Chairman
Residential Landlords Association

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About the author

Martin Silman

Martin began his landlord journey 18 years ago, while working in an international role for a global telecommunications company. Since retiring he has extended his portfolio, which he manages with his wife, but has always focussed on the ‘small student HMO’ sector preferring to offer homes in the community for small groups to the more common ‘pack them in and take the money’ mentality. He has chaired the PDPLA for the past 9 years and has overseen the Associations transition from small local self-help group to a much larger and more professional institution which is recognised and listened to nationally. Alongside his PDPLA role, he also has leadership roles in a number of other local organisations – bringing his unique perspective, driving for change and increased use of technology while respecting the history that brought us here.

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