It is good to see a group of landlord's pooling resources to challenge the goverment's ill-thought out changes to loan relief.
Watch this space to see what impact these proceedings have on government policy in this area, and generally. Landlord's continue to be hit hard in recent times with restrictions on their profitability.
The restrictions were announced without prior warning in last July's special post-election summer Budget, and rapidly embodied in clause 24 of the Finance Act 2015. Starting in April 2017, higher-rate tax relief on individual landlords' finance costs (typically mortgage interest) will be gradually withdrawn – by 5 April 2020 relief will only be available at the 20 per cent basic rate of income tax. However, corporate owners of residential property will still be able to claim full interest relief. So will owners of furnished holiday lets.