Reform UK wants mortgage interest tax relief brought back as part of ‘critical reforms’ the party believes are needed in the first 100 days following the general election.
Although their manifesto isn’t due to be published until Monday, a working draft titled ‘Our contract with you’ outlines some sweeping changes that would impact the PRS, including scrapping Section 24 tax changes to encourage smaller landlords into the rental market.
They would also abolish the Renters (Reform) Bill, insisting that existing laws are adequate to address bad practices, along with improving the monitoring, appeals and enforcement process.
Reform UK would cut residential stamp duty to boost economic activity and housebuilding to 0% below £750,000, 2% from £750,000-£1.5 million, and 4% over £1.5 million, and would reduce the main Corporation Tax Rate from 25% to 20%, then to 15% from year five.
If Nigel Farage wins a Commons seat, he, and any other new Reform UK MPs would also push for fast-track planning and tax incentives for development of brownfield sites, including unused offices and vacant high street properties. He believes a reform of social housing law to prioritise local people and those who have paid into the system is needed and blames mass immigration for population growth, putting huge pressure on the housing sector which has been damaged by “overly bureaucratic planning regulations that delay decisions and add huge cost”.
The party also doesn’t believe landlords – or any homeowners – should pay for energy efficiency improvements and have vowed to scrap Net Zero.
The document explains: “Our contract is not just another party manifesto. It sets out the reforms that Britain needs in the first 100 days following a general election and thereafter. It has been produced with advice from a range of independent economists, think tanks and advisors on savings and costings.”
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