Two landlords seeking to challenge the government on their buy to let tax strategies have had huge success raising money via a crowdfunding site to fund their fight. They began their campaign on Crowd Justice on Boxing Day and just nine days later, 700 donors have already pledged £50k to help them.
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Crowdfunding Appeal Their appeal states: ‘Without the necessary funding, we will not be able to make progress. Those involved with this campaign fully support the elimination of unethical, unprofessional and illegal practices and unscrupulous landlords in the private rented sector. We also welcome fair measures to cool the housing market, so that we avoid the historical “boom and bust” scenario. However, Clause 24 is not the fair or intelligent means of achieving that goal.’
The two landlords are hoping to secure a judicial review of some of the clauses contained within the Finance Act 2015, specifically the ones that prevent private landlords from offsetting mortgage interest against rental income in order to reduce their tax bill. Once an application for a judicial review has been made, the government has 21 days to respond before a court decides whether a hearing can take place.
Experienced Landlords Both men are experienced landlords and like many other landlords, they are not happy with the way the government is cracking down on private landlords. Steve Bolton owns a specialist portfolio worth £200 million and Chris Cooper owns 20 properties, which he runs part-time as part of a pension plan.