It shouldn’t have taken a Tory chancellor to undo the harm unleashed on tenants by New Labour
When this column was the first to highlight the perils of buy-to-let– both social and economic – Gordon Brown was chancellor. When we first revealed the vast tax reliefs paid to landlords, Alistair Darling was about to assume the role. Why did it take a Tory chancellor – much to the shock of his voters – to take the first steps to clamp down on the excessive tax privileges enjoyed by landlords?
Stephen Ludlow, chairman of big letting agent Ludlow Thompson, is – like many in the industry – bewildered by George Osborne’s cuts to tax relief. “Many investors voted against Labour in the election because of their attitude towards buy-to-let. They will not have expected such a move from the Conservatives,” he said after the budget speech.
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