Monthly Archives: May 2017

Less tax for landlords in Bristol?

Should the Bristol City Council be accepting sponsorship from a company whose stated purpose is for landlords to pay less tax?

In October 2016, Mr Rees warned cuts of £92m would have to be made to Bristol City Council’s budget by 2022, with further savings of £33m before the end of the the 2016-17 financial year.

So why were they accepting sponsorship for the Landlords Expo held on May 25, from Less Tax for Landlords.

“Less Tax For Landlords is a specialist tax and estate planning service dedicated to the needs of those who are involved in owning commercial property, residential buy-to-lets, HMOs, investment property, or property development.

Our goal is to help you build and run a highly tax efficient professional property business, and to pass on your hard-earned wealth to those you care about most, minimising tax leakage insofar as the law allows, and all whilst keeping  you in full control of your affairs today.”

One of the company’s directors, Malcolm Keith Rose, is associated with 10 other companies including LESS LAW FOR LANDLORDS LIMITED. Less law for landlords sounds like something in line with the legislation that failed to pass last year when Tories rejected a move to ensure rented homes were fit for human habitation. (Read debate on the Housing and Planning Bill here).

An Act that is accused of allowing the selling of housing association properties, subsidising that sale by selling council properties, reducing local authority incomes to build properties by reducing rent, and allowing developers to get away without building any social homes.

Some legislation that affects property owners is that since 2016, “buyers have had to pay an extra stamp duty surcharge of 3pc of the value of a home if it is not their main residence.”

At the same time the general population and the most deprived communities have had to deal with the effects of austerity, which include the slashing of local council funding, “[t[he most deprived all-purpose authorities saw cuts of more than £220 per head compared with under £40 per head for the least deprived.”

And let’s not forget that under the previous mayor, Marvin Rees complained about council homes being sold off and wanted to wait until after the election. In reality, had the council houses been sold any later, the money would have had to be given to the government and not been available to use to fund new council houses.

“[E]xisting council building programmes are often partly financed from the revenue projected from selling a small number of the most expensive council homes. Most of that revenue will now be seized by central government to fund discounts under the new Right to Buy instead.”

In a city where Labour mayor, Marvin Rees has vowed to build 800 new homes a year until 2020, should there be any support for such a company as ‘Less Tax For Landlords’?