Landlords are clubbing together to fight the Tory's tax hike – and they have appointed Cherie Blair's law firm to help them
To recap, Chris Cooper and Steve Bolton are leading a legal challenge against Section 24 of the Finance (No. 2) Act 2015. EMPO's first uodate on this challenge can be found HERE
This ludicrous legislation will overturn a fundamental business principle, where income, less costs, equals profit. This means that the cost of finance will no longer be an allowable business expense for landlords with mortgages. And who is to say that all businesses won’t be targeted next?
The knock-on effect of such legislation will result in rising rents for millions of tenants, the forced sale of many privately rented properties and therefore an increase in homelessness. This is why it’s being called the Tenant Tax.
In addition, it will mean that fewer landlords will pay for additional products and services as they are forced to cut costs. This could include property management services and letting agents, regular maintenance and building work, accountants and mortgage brokers for example.
So if you operate in the private rented sector in any way, then the Tenant Tax could also have an impact on your business and we need your support to help abolish it.
Steve and Chris are running this campaign on a completely voluntary basis and as co-claimants, they are the only persons liable for legal costs.
To date, they have relied on the financial support of more than 1,000 people, who have pledged in excess of £100,000 so far.
This has enabled them to carry out all preliminary legal investigations and apply for a Judicial Review – which is a very complicated, time-consuming and costly process. It’s now time to raise enough funds to take this all the way to the High Court, and potentially, the EU Court of Justice, and all of the activity associated with getting the case to that stage.
To do this, they need significant financial support from corporate sponsors and donors that will not only go towards the legal challenge, but help us to raise awareness of the campaign through PR, events and other fundraising activity - which will naturally help us raise even more funds for the legal case.
If you decide to pledge, you can of course have a say in where you would prefer the money to be spent.
To pledge or to find out more about the Tenant Tax Summit on the 9th June 2016 checkout the links below.
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