02iDYlbn9S

Managing Director, Jonathan Detheridge, has confirmed the company's support for a national campaign which aims to fight unfair taxes for private landlords by attempting to force a Judicial Review of Section 24 of the Finance Act 2015.

'The core aim of the campaign, started by two hard working buy to let landlords is to abolish Section 24 of the Act. Every business in the UK is allowed to offset costs against income before tax, but Section 24 will disallow perfectly legitimate finance costs, including mortgage interest for individual buy to let landlords. In simple terms, the Finance Act will overturn a long held and fundamental principle in business that, income, less costs equals profit', said Jonathan.

'If Section 24 goes ahead, the impact on the UK housing market will be significant as thousands of landlords will see large increases in the percentage of tax they pay. This will inevitably have a knock-on effect, resulting in rent increases for tenants, a reluctance for landlords to invest and many landlords will consider selling their properties, especially those that are pushed into higher tax brackets when they may well not even be making a profit at all. If demand for properties falls, house builders will simply reduce supply at a time when the Government is trying to achieve the exact opposite,' continued Jonathan.

Initial fund raising for a legal team led by Cherie Blair QC to make an application to the court for a Judicial Review was extremely successful, raising £50,000 within just 8 days via CrowdJustice earlier this year. If a judge considers that the case put forward is 'arguable', a Judicial Review hearing will be granted and it will be up to a court to decide if the 'Tenant Tax' is lawful or not. If a hearing is granted, we could expect it to happen this autumn. The next part of the fundraising process has started to enable the legal team to prepare the best possible case. Granger & Oaks urges landlords and other agencies to support the campaign too. For further information or to pledge support, please visit www.crowdjustice.co.uk/case/tenanttax/.

Free Instant Valuation

Want to know how much your home is worth? Find out in an instant...

Click here

Testimonials

  • Mark Thompson - Landlord & Vendor - May 2018

    Excellent - We cannot fault the service they have provided us.This review is for both Landlord services as well as Estate Agents.Granger and Oaks have provided us with an READ MORE

  • Martin Holtom - Tenant - June 2020

    Excellent service, nothing is too large or too small to help with. Only an email or phone call away come flood or Honey Bee nest. Friendly and helpful. Thoroughly READ MORE

  • James Steeley - Vendor - June 2019

    Excellent and courteous service for my house sale, from start to READ MORE

More

LATEST NEWS

  • Nottingham Area Letting Agent Market Update

    24/09/2020

    Nottingham Area Letting Agent Market Update   The Nottingham rental market shows no sign of slackening off despite concerns surrounding Covid 19. After an understandably quiet spring, the READ MORE

  • The Architects The Built Nottingham

    22/07/2020

    As with most cities around the country, property in Nottingham is a patchwork of eras with a broad spectrum of styles along the way. Nottingham is a historic city dating back to Norman times, and the READ MORE

  • So What Is Nottingham Famous For?

    08/07/2020

    How well do you know your Nottingham legends?  Nottingham is a growing city with a proud heritage and its fair share of famous names that you may or may not be familiar with. We wanted to take READ MORE

View all news