New Tenant Tax
27th October 2016Residential Landlords: “Axe the Tenant Tax” group lose at the High Court.
The “Axe the Tenant Tax” Group is a crowd-funded coalition of individuals and organisations supported by Cherie Blair and representing over 150,000 landlords. The group are campaigning for a judicial review hearing of the legislation in the summer 2015 Finance Act that seeks to restrict tax relief for finance costs borne by residential landlords. In some cases, the workings of the legislation will result in landlords having to pay more tax than their rental profit.
Mrs Blair, of Omnia Strategy LLP, argued before the High Court that the so called tenant tax, applicable only to unincorporated landlords, is unlawful and results in an unlawful grant of state aid to corporate landlords. Having lost their case, the group has now launched a further crowd funding campaign in order to raise money to pursue their attempt to put pressure on MPs and government for a review of the new rules, which are due to start taking effect from next April.
Disclaimer - All information in this post was correct at time of writing.
