Sympathy has been in short supply for a landlord who evicted his 90-year-old ex-military tenant because of Labour’s market reforms.
Alan Shields spoke to The Telegraph about his dismay at having to kick out his tenant and neighbour of 18 years after considering the effects of a reduction in tax breaks and the elimination of Section 21, which allows landlords to evict tenants.
He said: “We decided reluctantly to pull the plug. For us and 24 years of owning a property that we bought at £164,000 and sold at £425,000, that would be a heavy capital gains tax bill even at current rates.”
Murmerings about an even higher tax rate on capital gains from the property also had an effect on his decision.
“Speculation varied but some had the rate going as high as 45pc,” he said. “Turns out that Rachel Reeves didn’t put up capital gains on rental properties but I still feel it is not worth the effort now.
“Our tenant was a very good rent payer but wasn’t good at looking after the house. We had to do the horrible thing of issuing a Section 21. He was very understanding.”
Shields and his wife helped their former tenant find a new home not far away, but understandably, not everyone has been sympathetic towards his plight:
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