Following a record-breaking crowdfunding campaign, which saw £50,000 raised in just eight days, to launch a legal case against the Government on 'ludicrous' buy-to-let tax relief changes, the co-claimants have launched a second campaign to raise further funds to take the Judicial Review all the way to court.
Steve Bolton, Founder and Chairman of Platinum Property Partners, and fellow landlord Chris Cooper, are calling on all landlords, tenants, letting agents and others who will be adversely affected by this new legislation to support their cause.
The 'Tenant Tax' campaign is now reopen for pledges via the Crowd Justice platform (www.crowdjustice.co.uk/case/tenanttax/) and aims to raise an additional £250,000 to fight Section 24 of the Finance (No. 2) Act 2015, which plans to turn a 'normal business expense' (finance costs) into a taxable revenue.
A major event is also being in held in London on Thursday 9th June to not only raise funds that will enable the continuation of the Judicial Review, but to also increase awareness of the campaign and encourage positive and lasting action amongst the private rented sector before, during and after the event itself.
The 'Tenant Tax Summit - Landlords Fight Back' will highlight the plight of both landlords and tenants, with a common objective in mind - the abolishment of ludicrous legislation that will force the worst affected landlords to either sell their properties; thereby reducing the supply of rental properties and forcing tenants to find new homes; or increase their rents far more aggressively, making renting even more unaffordable.
Being held at the ILEC Conference Centre near Earls Court, the 'Tenant Tax Summit' has already lined up some world-class keynote speakers including Lord Howard Flight, SpareRoom.co.uk, Shawbrook Bank and other industry, tax and legal experts. National media are also being invited.
Tickets for the event are being offered through the Tenant Tax crowdfunding platform only and anyone who makes a minimum pledge of £100 will be given a complimentary ticket. This is to ensure that 100% of ticket sales can be channelled towards the legal challenge. Event costs will be covered by corporate sponsors, partners and Patrons.
A full application for a Judicial Review against Section 24 of the Finance (No. 2) Act 2015 was submitted in February and a joint Acknowledgement of Service was received from HMRC and the Treasury on behalf of the Government.
This was only made possible because of donations amounting to more than £50,000 from 737 campaign supporters within a matter of days. Now, as Mr Bolton and Mr Cooper await a ruling on whether they have permission to proceed for a hearing, this second fundraising campaign has been launched to raise £250,000 to progress the legal case to the next stage.
Steve Bolton commented: "The days where 'nobody loves a landlord' must come to an end. We need to unite to show that we will not accept the victimisation of landlords and tenants by the out of touch political elite. They are deluded if they believe that they will go unchallenged when trying to reclassify 'mortgage interest' as anything other than a 'normal business expense'.
"The Tenant Tax is wrong on every level and if we allow a normal business expense to become a taxable expense for landlords, who will be next; Corporate landlords? Shopkeepers? Small business owners? Anyone who has used finance to help expand their business?
"We aim to make the Tenant Tax Summit a very enjoyable, inspiring, interactive, uplifting, informative, educational and motivational day. It is a unique chance for our grassroots supporters to come together, support each other, share ideas and shout from the rooftops. We want to show politicians, the media and the country at large that we truly are a force to be reckoned with.
"This is a not-for-profit, volunteer-driven campaign and we encourage all landlords, tenants, lettings agents and other industry organisations and businesses to find out more and support our cause by visiting www.crowdjustice.co.uk/case/tenanttax/."
Professor Philip Booth, Professor of Finance, Public Policy and Ethics at St. Mary's University, stated: "To put it quite bluntly, this is an elementary undergraduate public finance error that should not be made in the Treasury."
For further details of the campaign, please visit: www.crowdjustice.co.uk/case/tenanttax/
For further details of the Tenant Tax Summit, please visit: www.tenanttax.co.uk
