Mortgage Interest Relief – #FightingMIRchanges
A pre-budget campaign to restore Mortgage Interest Relief for Buy-to- Let landlords is currently being organised by the Residential Landlords’ Association (RLA) to try and halt the Government from implementing their proposed plans.
The RLA are asking landlords to contact their local MP to state the consequences for not just themselves but also how tenants will be adversely effected by the tax changes. RLA Surveyed almost 1,200 landlords and concluded that over 60% of landlords who participated and currently paying the basic rate of income tax, stating the changes would be tipping them over into a higher rate of tax. This in turn may push more landlords to leave the market entirely and from that further reduce the supply to an already struggling market to meet demand. Research suggests that more than 1 million new homes will be needed to rent before 2021 and landlords with smaller portfolios are vital for this as the market needs to grow in all aspects not just corporate investors although the RLA are arguing that in the long run tenants will suffer the most due to there being an increase in rent due to increase costs to landlords and a lack of available properties.
The RLA appreciate that the Government is not going to completely scrap the proposals and reverse their decision however they are campaigning for amendments to be made to mortgage interest relief to only be applied to new borrowing, they believe this will minimise the impact of these changes on established landlords but they will not be giving up the fight.
Although after seeking their own legal advice and being warned there is little chance of being successful if they pursue a Judicial Review, taking it down the political route can make a difference. They are asking for everyone to make their voices heard by getting in touch with the local MP and urging everyone to up the ante on their #FightingMIRChanges campaign.
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