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You can find the current article at its original source at https://www.theguardian.com/politics/2016/oct/04/cherie-blair-represent-landlords-changes-tax-regime
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| Cherie Booth to represent landlords fighting changes to tax regime | |
| (about 5 hours later) | |
| Cherie Booth QC, who with her husband – Tony Blair – and three children owns at least 10 houses and 27 flats, is to represent landlords fighting proposed changes to the tax regime at the high court in London on Thursday. | |
| The changes due to come into force in 2017 would stop buy-to-let costs – largely mortgage interest payments – being a claimable business expense. | The changes due to come into force in 2017 would stop buy-to-let costs – largely mortgage interest payments – being a claimable business expense. |
| Under the cab-rank rule, a barrister is obliged to accept any work in a field in which they profess themselves competent to practise. Booth will represent co-claimants Steve Bolton and Chris Cooper at judicial review on Thursday. | |
| Those opposed to the tax, claim the new rules will mean landlords with mortgages will now have to pay tax on their turnover rather than their profit. They say this could leave many with an overall cash shortfall. | Those opposed to the tax, claim the new rules will mean landlords with mortgages will now have to pay tax on their turnover rather than their profit. They say this could leave many with an overall cash shortfall. |
| Research by the lender Kent Reliance found that about a third of buy-to-let landlords intended to pass on increased costs to their tenants following the surcharge on stamp duty for second property owners and cap on tax relief for buy-to-let mortgages. | Research by the lender Kent Reliance found that about a third of buy-to-let landlords intended to pass on increased costs to their tenants following the surcharge on stamp duty for second property owners and cap on tax relief for buy-to-let mortgages. |
| The change was announced by George Osborne in his budget following last year’s election and will be phased in from next April, meaning that by 2021 only relief of 20% will be available. | The change was announced by George Osborne in his budget following last year’s election and will be phased in from next April, meaning that by 2021 only relief of 20% will be available. |
| Kent Reliance’s Buy to Let Britain report found that a large number of landlords had changed the way they managed their properties to counteract the change, with many switching to running their portfolio through incorporated companies, which are exempt from the changes. Four in 10 of the landlords expected to increase rents in the next six months, with three-quarters saying they would do so to offset the reduction in tax relief on mortgage interest. The average rent rise buy-to-let investors anticipated was 5.6%, or £49 a month. | Kent Reliance’s Buy to Let Britain report found that a large number of landlords had changed the way they managed their properties to counteract the change, with many switching to running their portfolio through incorporated companies, which are exempt from the changes. Four in 10 of the landlords expected to increase rents in the next six months, with three-quarters saying they would do so to offset the reduction in tax relief on mortgage interest. The average rent rise buy-to-let investors anticipated was 5.6%, or £49 a month. |
| The Blair’s property empire is reportedly worth an estimated £27m and their three oldest children each have their names on at least one set of deeds. | The Blair’s property empire is reportedly worth an estimated £27m and their three oldest children each have their names on at least one set of deeds. |