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Landlords in £250,000 tenant tax plea to pay legal fees
20 May 2016
A plea has gone out to landlords to stump up £250,000 cash to fund the next stage in a legal challenge against buy to let tax changes.
Landlords Chris Cooper and Steve Bolton need the cash to pay for Cherie Blair to carry their fight to the High Court for a judicial review of the government’s move to redefine the way high-earning buy to let investors pay tax.
From April 2017, Chancellor George Osborne plans to slash the amount of finance interest relief high rate and additional rate taxpayers can claim.
Instead of letting them offset all their mortgage interest payments, the amount is reducing to 20% for all buy to let taxpayers.
Cooper and Bolton are leading the campaign calling for Osborne to rethink his policy on the grounds the measure impacts on the human rights of landlords and contravenes European Union state aid rules.
Now, the campaign has opened a new appeal for funds on crowdfunding platform Crowdjustice.
The pair want to raise a minimum £50,000 with a target of £250,000.
So far, £22,197 has been raised from 255 backers towards the legal costs.
Everyone agrees that it is a basic human need to live in a safe, warm and well maintained home,” says Cooper and Bolton’s online pitch.
“Private landlords were once recognised by the government as playing a vital role in helping people to meet this need.
“This tax will have devastating consequences for some of the most vulnerable people in society.
“Huge numbers of landlords will be forced to raise rents, evict tenants or sell properties in order to pay this unfair and illogical tax, thereby threatening this basic human need for vast numbers of people.”
Pledges of at least £100 to the appeal are rewarded with tickets to a Tenant Tax Summit in London on June 9.
In a statement some weeks ago, The Treasury announced that no policy change was under consideration.