Reform UK has rolled out an ambitious plan to boost the UK’s private rented sector (PRS), with a flagship pledge to abolish Section 24 of the Finance Act 2015 within the first 100 days of taking office. This law, introduced by then-Chancellor George Osborne, removed landlords’ ability to offset all their mortgage interest from rental income before calculating tax liability, allowing only a 20% basic rate deduction.
Reform UK’s manifesto, titled “Our Contract With You,” vows to reverse the 2015 tax changes for landlords. The party argues that the tax system should encourage smaller landlords rather than penalize them, promising to restore their rights to deduct finance costs and mortgage interest from rental income tax.
Additionally, the Contract commits to abolishing the Renters (Reform) Bill, which both Labour and the Conservatives have indicated they will reconsider post-election. Reform UK leader Nigel Farage unveiled these pledges during a campaign event in Merthyr Tydfil, South Wales.
Addressing housing issues, Farage highlighted a 25% increase in rents since 2021, attributing this surge to population growth. “Is it any wonder with an exploding population that rents are going up?” he remarked. Farage expressed concerns about the cultural decline and rising immigration, stating that the UK needs to build a new dwelling every two minutes to accommodate current migration levels.
Reform UK also plans to overhaul social housing laws to prioritize local people and those who have contributed to the system. The party claims that in some parts of the UK, nearly half of social housing is occupied by individuals born overseas, insisting that foreign nationals should be at the back of the queue, not the front.
Further housing reforms include fast-tracking planning and tax incentives for developing brownfield sites, including unused offices and vacant high street properties. Farage emphasized the party’s commitment to restoring trust in politics, stating, “You might dislike what we say, you might not even want to vote for what we say, but at least we do say what we mean.”
Reform UK’s five core pledges also feature freezing all non-essential immigration to boost wages, protect public services, end the housing crisis, and cut crime. The party aims to halt illegal immigration within its first 100 days by leaving the European Convention on Human Rights (ECHR).
Among the promised tax cuts are raising the minimum income tax threshold to £20,000 a year, abolishing stamp duty, eliminating inheritance tax for estates under £2 million, and slashing £50 billion from public spending. The party also plans to incentivize new construction technologies and increase apprenticeships and vocational courses to reduce reliance on cheap overseas labour.
However, Farage candidly acknowledged the party’s slim chances of electoral success, admitting, “We are a party that knows what we believe, but I’m absolutely in no doubt that we are unlikely to gain power in the upcoming election.”