Prominent Tory MP Iain Duncan Smith has said the Government should call off the fight against private landlords.
The former Secretary of State for Work and Pensions said it was time to reconsider “the way we treat private landlords”.
He went on: “A large number of them are talking about no longer buying to let, and they blame it on George Osborne’s decision to impose a Stamp Duty levy on the purchase of homes to rent, to restrict mortgage interest relief to the basic rate of income tax, and to tax a landlord’s turnover rather than profits.
“This, they believe, has led to private landlords scaling back their operations or even leaving the sector altogether.
“We should all be concerned about this, because private landlords are a significant provider of the additional housing we need.
“We won’t be able to provide all the housing in the medium term through aggressive building programmes alone. We will need other sources of accommodation, as well.
“That’s why we should be encouraging them with devices such as VAT relief on conversions or even capital allowances, not punishing them.
“It’s no wonder buy-to-let purchases have fallen dramatically.
“Despite what has been said and written, they’re not enormous property magnates, for the most part, but often people using the market to help provide retirement income in later life or assets to pass on to their children.”
Duncan Smith, a former leader of the party, was writing in Conservative Home.
His full article is here:
I wonder if we were to find some of these property / landlord votes in parliament, which way Mr Smith voted. Pretty sure he voted for these measures and thus any complaint he makes is worthless. Yet another moronic MP showing that they dont have the balls to do something about it when the time is right….instead choosing to take shots at Osborne now he is no longer an MP
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Well done sb007ck. Rather than applaud Duncan Smith for making a long overdue observation that Osbornes fundamentally flawed tax policy was damaging the sector. You want to slate him for attacking Osborne now he is out of office.
Bet you are the type of person that brings a problem to every solution.
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It would seem that many people mis-understood the point i was making. IDS had the chance to influence policy when it was being made, yet he chose to stay silent. At the time many backslapping MPs thought this change in stamp duty would be a good idea, yet now it is proving otherwise he chooses to come out and slag off his ex colleague. If he really felt this way all along would it not have been better to have mentioned it at the time.
I welcome any voice supporting change to benefit our industry, the housing market and the economy in general, but what i dont like is those who say one thing yet do the other.
And from a personal point of view Mark, it is hardly surprising that so few different people comment on PIE, when people like you take the chance to attack a post i have made rather than focus on a positive post of your own
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Whilst I am no fan of IDS it seems the penny is finally dropping with the odd conservative politician. In my mind he started to have a little credibility when he resigned over the DWP when things started to get particularly difficult for those on benefits and disability. The conservatives do not have the best record for an equitable society.
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What other business in Britain gets taxed on turnover? Totally bonkers and hugely unfair.
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Well done IDS it’s about time someone saw some sense. Maybe more intelligence to follow? Let’s hope.
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No sympathy from me. So many private landlords with multiple properties, are further restricting the number of properties available for people to buy in the first place. In turn, helping to push up house prices, making buying your own even more of a challenge.
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