Judicial review of BTL tax change: fund-raising deadline extended
05-06-2016
The two landlords campaigning to win a judicial review of George Osborne’s restrictions on buy to let mortgage tax relief have extended their fund-raising deadline until the end of June.
There have been numerous Letting Agent Today reports on efforts by Steve Bolton and Chris Cooper to secure a review of section 24 of the Finance (No. 2) Act 2015 which includes the proposed restriction of mortgage interest tax relief at a basic rate, even for higher rate-paying landlords. This follows Osborne’s announcement on the interest tax relief change, initially made back in July 2015.
An announcement is expected in the next few weeks as to whether the review can go ahead; if it does, it will be led for the landlords by Omnia Strategy LLP, the law practice headed by Cherie Blair QC.
Having raised £50,000 at the start of the year, the landlords have in recent weeks raised a further £50,000 - but this process has slowed in recent days and the pair have a ‘stretch’ target for another £250,000 if they are to proceed with the review.
It is this additional £250,000 target deadline that has been extended until the end of June.
The full review, should it be given consent, would take place in the autumn.
In a statement to supporters the two landlords say: “With your continued financial backing and support, we plan to take the Government all the way to court and fight the strongest case that we can.
“Please spread the word far and wide amongst your community, especially fellow landlords, tenants, letting agents and others who will be adversely effected by this ludicrous legislation.”
Anyone pledging over £100 will be able to claim at least one complimentary ticket to a campaign rally being held in London on June 9.