5 October 2021
Opinion: Taxing landlords won’t just hit their own finances – it will be a blow to renters too, warns Hiten Ganatra….
The leader of the opposition, Sir Keir Starmer, made it abundantly clear recently that landlords would be taxed further if Labour came into office when he stated that money to pay for social care could have been raised through taxing landlords.
For those of us who are either landlords or work in the sector supporting them, such poor economics can be despairing at times and the results of increased taxation of landlords is already becoming clear, it’s the tenants who will ultimately suffer.
By way of a reminder, the Labour leader, speaking at the Local Government Association Labour Leaders’ Summit, said: “The government act like there was no alternative but there clearly was. The money could have been raised by taxing the incomes of landlords, and those who buy and sell large quantities of financial assets, stocks and shares.”
He added: “It leaves a private landlord renting out multiple properties not paying a penny more in tax, and their hard-working tenants to pick up the burden, it sees an Amazon worker’s taxes raised, but Amazon itself able to squirrel profits away in tax havens and only pay a fraction of what high street shops do, and it means our care workers aren’t given a pay rise but are expected to pay more in tax.”