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| Share Name | Share Symbol | Market | Stock Type |
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| Aldermore | ALD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 312.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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Posted at 05/11/2023 07:25 by the grumpy old men Ayvens reports third quarter and nine months 2023 resultsNovember 03, 2023 at 02:31 am EDT PRESS RELEASE QUARTERLY FINANCIAL INFORMATION Ayvens1 reports third quarter and nine months 2023 results2 EARNING ASSETS3 UP 14.1% VS. SEPTEMBER 20224 UNDERPINNED BY THE INCREASE IN VEHICLE VALUE LARGEST GLOBAL MULTI-BRAND EV5 FLEET: 505 THOUSAND AS AT 30 SEPTEMBER 2023 LEASING CONTRACT AND SERVICES MARGINS UP 61.6% IN Q3 2023 VS. Q3 2022 AND STABLE ON A LIKE-FOR-LIKE BASIS6 UCS RESULT PER UNIT7 AT EUR 1,033 IN Q3 2023 AFTER THE IMPACT OF REDUCTION IN DEPRECIATION COSTS8 (VS. EUR 3,014 IN Q3 2022), IN LINE WITH EXPECTATIONS COST TO INCOME RATIO (EXCLUDING UCS RESULT) AT 61.1% VS. 57.0% IN Q3 20226 NET INCOME (GROUP SHARE): EUR 226.2 MILLION9 IN Q3 2023, DOWN 28.9% VS. EXCEEDINGLY HIGH Q3 2022 BASE. IMPACT OF VOLATILITY OF MARK TO MARKET OF HEDGING INSTRUMENTS AND DECREASE IN UCS PROFITS CET 1 RATIO AT 12.3% AS AT END SEPTEMBER 2023 Q3 2023 results highlights Total fleet10 3.394 million contracts managed worldwide at end September 2023 Funded fleet 2.691 million vehicles, up 3.4%11 vs. end September 2022 Gross operating income at EUR 814.9 million, up 25.4% vs. Q3 2022 and down by 6.7% on a like-for-like basis and excluding non-recurring items12 Operating expenses at EUR 448.7 million, x2 vs. Q3 2022 and up 6.5% on a like-for-like basis and excluding non-recurring items Cost of risk13 at a low level: 18 bps vs. 23 bps in Q3 2022 Result from discontinued operations at EUR +14.0 million, related to the disposal of ALD’s remedies entities On 3 November 2023, Tim Albertsen, CEO of Ayvens, commenting on the Q3 2023 Group results, stated: “The integration of LeasePlan is progressing according to plan, with a number of key initiatives well underway and our first procurement objectives already reached. In parallel, we have taken two important steps towards becoming “one”. First, we presented our PowerUP 2026 strategic plan, whereby we draw on our industry leadership to shape the future of mobility and achieve excellence around our 4 priorities: clients, operational efficiency, responsibility and profitability. Second, we launched our global mobility brand ‘Ayvens’ which unites the two companies together under a single identity and highlights our new brand promise. Against the backdrop of challenging macroeconomic conditions and normalizing, yet still favourable used car markets, Ayvens achieved a solid commercial performance and mixed financial results, compared to a historically high 2022 base and confirmed its strong capital position and funding capabilities. I am confident that we will further demonstrate the relevance of our business model and create value in the months ahead by delivering on synergies, thanks to the commitment of our teams.” FY 2023 guidance confirmed In the current context of high interest rates and inflation, the demand for mobility services remains strong, confirming the relevance of Ayvens’ business model. While new car registrations continued to progress in Europe compared to last year, they remained significantly below pre-Covid levels, leading Ayvens to maintain its expectation that the used car market will continue to normalize gradually, while staying at a high level. Ayvens expects for the full-year 2023: Funded fleet growth between 2% and 4% vs. end December 202214 (unchanged); Used Car Sales result per unit between EUR 1,200 and EUR 1,600 on average, including the negative impact of reduction in depreciation costs in previous quarters, on ALD’s sales of c. 290 thousand vehicles. No UCS result is assumed on LeasePlan’s Used car sales15. (unchanged); Costs to achieve16 the integration and synergies at EUR 170 million (unchanged). Ayvens expects to finalize the Purchase Price Allocation exercise by the end of 2023. Good business growth marked by a strong increase in vehicle value Commercial activity remained strong, with earning assets up by 14.1% year-on-year17 to EUR 50.2 billion as at 30 September 2023. Growth was primarily driven by inflation on car prices and the acceleration in EV penetration, which have a higher value. Continuing the positive trends of the previous quarters, Ayvens’ total fleet stood at 3,394 thousand as at end September 2023, up by 3.8% compared to end September 2022, reflecting the dynamic demand for mobility services. Full-service leasing contracts reached 2,691 thousand vehicles as at end September 2023, up 3.4% year-in-year. Thanks to increased registrations of new cars, the order book continued its slow normalization from the peak observed at the end of 2022, though remaining at a high level. Ayvens is on track to achieve its guidance of +2% to +4% funded fleet growth in 2023. Fleet management contracts increased by +5.3% vs. September 2022, to reach 703 thousand vehicles. Ayvens reinforced its leadership in sustainable mobility by continuing to promote electrification. EV penetration reached 34%18 of new passenger car registrations over 9M 2023, of which 37% in Q3 2023 alone. This outstanding performance compares very favourably to the European market at 22%19 in 9M 2023. Ayvens’ BEV20 and PHEV21 penetration stood at 21% and 13% respectively in 9M 2023, well ahead of the market. Ayvens owns the largest multi-brand EV fleet in the world, at 505 thousand vehicles as at 30 September 2023. EVs now account for 19% of its funded fleet. Q3 2023 financial results The following comments apply to actual (reported) figures, where: LeasePlan is consolidated from 22 May 2023. Consequently, Q3 2023 includes LeasePlan’s contribution for the full quarter, whereas 9M 2023 includes only slightly more than 4 months of LeasePlan contribution. The Q3 and 9M 2022 periods do not include any contribution from LeasePlan; Pending the finalization of the Purchase Price Allocation exercise, expected by end 2023, no reduction in depreciation costs nor Used Car Sales result was recorded on LeasePlan’s fleet. In a normalizing yet still favourable used car market, Ayvens recorded a mixed Q3 2023 financial performance against a high Q3 2022 base, which was driven by exceptionally high used car prices. Taken together, Leasing contract and Services margins (Total margins) reached EUR 741.0 million in Q3 2023, an increase of 61.6% compared to Q3 2022. Out of this amount, the contribution of LeasePlan since the acquisition closing was EUR 283.5 million (EUR 349.7 million excluding non-operating items). Leasing contract margin was boosted by the reduction in depreciation costs22 (EUR +110.4 million vs. EUR +67.2 million in Q3 2022). As a result of continued high estimated used car prices, depreciation has been adjusted or stopped for those vehicles whose sales proceeds are forecast to be in excess of their net book value until mid-2024. The reduction in depreciation costs equals the difference between the contractual amortization costs and the revised amortization cost. It anticipates in the Leasing contract margin part of Used car sales results which would otherwise be recorded later. No reduction in depreciation cost was assumed on LeasePlan’s fleet since it was acquired, due to the anticipation of fair value recognition in the context of the Purchase Price Allocation exercise. Leasing contract margin was negatively impacted by the mark to market (MtM) of derivatives for EUR - 81.8 million23 in Q3 2023 at LeasePlan, mainly due to the decrease in GBP interest rates and to pull to par in a context of stable EUR interest rates between Q2 and Q3 2023. MtM of derivatives was EUR +3.5 million in Q3 2022. Ayvens holds a book of derivatives, initially from LeasePlan, whose purpose is to hedge the interest and foreign exchange rates exposure, when the profile of funding cannot be matched with that of the lease contract portfolio. While the Group is economically hedged, there can be accounting mismatches as operating leases do not qualify for hedge accounting under IFRS rules and hence are fair valued through income statement. MtM of derivatives results from interest rate movements (e.g. as net receiver of floating rate, positive MtM when interest rates rise) and reverses towards the derivative’s maturity (pull to par). Other non-operating items impacting Leasing contract margin totalled EUR -56.5 million (vs. EUR +41.3 million in Q3 2022): Fleet revaluation exercise of EUR +3.3 million vs. EUR +19.0 million in Q3 2022; Hyperinflation in Turkey EUR +45.9 million vs. EUR +17.0 million in Q3 2022; There was no adjustment to the provision in Ukraine in Q3 2023 (vs. a EUR +1.8 million provision reversal in Q3 2022). The contribution from Used car sales (UCS) result, registered on ALD’s fleet only, remained at a high level in Q3 2023 at EUR 73.9 million, but was significantly lower than the high Q3 2022 level (EUR 191.0 million).The decrease is explained by: i) a negative impact of change in depreciation curve of EUR -93.9 million, as the positive impact of reduction in depreciation costs on Leasing contract margin in previous quarters anticipated some UCS profits and ii) a used car market which is normalizing, while staying at a high level. Conversely, contract extensions in a context of delays in car deliveries had a beneficial impact on UCS results. There has been no profit recorded on LeasePlan’s Used car sales in Q3 nor 9M 2023 income statements, due to the upcoming fair value recognition under the PPA. UCS result per unit24 on ALD’s sales came in at EUR 1,033 per unit in Q3 2023 vs. EUR 3,014 per unit in Q3 2022. Had ALD not recorded any reduction in depreciation costs to reflect exceptionally high used car prices in previous quarters, UCS result per unit would have stood at EUR 2,346 in Q3 2023 (EUR 3,607 in Q3 2022). In 9M 2023, UCS result per unit amounted to EUR 1,654 per unit (EUR 2,695 without the impact of reduction in depreciation cost) vs. EUR 3,149 in 9M 2022 (EUR 3,339 without the impact of reduction in depreciation cost). Leveraging on its efficient remarketing platform, ALD sold 71.5 thousand units25 in Q3 2023 (not including 58k vehicles sold by LeasePlan in Q3 2023), up from 63.4 thousand in Q3 2022. The volume increase compared to the same period last year is mainly driven by improved dynamics in new car deliveries. Consequently, Ayvens’ Gross Operating Income (GOI) reached EUR 814.9 million in Q3 2023, up 25.4% vs. Q3 2022. Operating expenses amounted to EUR 448.7 million in Q3 2023, up from EUR 219.4 million in the same period last year, underpinned by: Entry of LeasePlan in the consolidation scope on 22 May 2023 for EUR 230.5 million excluding costs to achieve (CTA); CTA of EUR 40 million vs. EUR 42.6 million in Q3 2022 (EUR125.0 million in 9M 2023 vs. EUR 83.9 million in 9M 2022); Recruitment to cover the integration period and; Costs related to the regulated status of Ayvens. As a result, the Cost/Income ratio (excl. UCS result) stood at 60.6% in Q3 2023 vs. 47.9% in Q3 2022 (54.1% in 9M 2023, vs. 49.0% in 9M 2022). Impairment charges on receivables came in at EUR 21.8 million in Q3 2023, compared to EUR 13.5 million in Q3 2022. The cost of risk26 remained low at 18 bps compared to 23 bps in Q3 2022. Income tax expense increased to EUR 120.3 million, up from EUR 98.3 million in Q3 2022. Effective tax rate increased to 35.0% (28.7% in 9M 2023) from 23.6% in Q3 2022, mainly the result of higher tax rate in Turkey applied to deferred tax liabilities, a one-off impact. Result from discontinued operations amounted to EUR 14.0 million in Q3 2023 and is related to the sale of ALD’s entities in Portugal, Ireland and Norway on 1 August 2023. In 9M 2023, result from discontinued operations amounted to EUR -77.4 million, mainly driven by the EUR -91.3 million loss from the disposal of ALD Russia on 20 April 2023. Ayvens’ net income (Group share) was EUR 226.2 million in Q3 2023, down 28.9% compared to Q3 2022 (EUR 318.0 million). In 9M 2023, the net income (Group share) came in at EUR 787.6, down by 15.4% from the historical high of EUR 930.7 million in 9M 2022. Basic Earnings per share27 amounted to EUR 1.13 in 9M 2023 vs. EUR 2.1128 in 9M 2022, while diluted Earnings per share was EUR 1.11 vs. EUR 2.10 in 9M 2022. The computation is distorted by the fact that the rights issue which financed the cash component of the LeasePlan acquisition price was settled in December 2022, prior to the consolidation of LeasePlan from 22 May 2023. Return on Tangible Equity (ROTE) came in at 12.5% in Q3 2023 vs. exceptionally high 30.7% in Q3 2022 which was lifted by exceedingly favourable used car prices. ROTE was 16.7% in 9M 2023 vs. 31.3% in 9M 2022. These ratios are also distorted by the aforementioned timing difference. Q3 2023 like-for-like performance For illustration purposes, management information is provided in appendix to assess the like-for-like performance of Ayvens: Q3 and 9M 2023 with LeasePlan included over the full period (whereas LeasePlan was consolidated from 22 May 2023 only), including LeasePlan’s reduction in depreciation costs in Leasing contract margin (whereas it is stripped out in the reported Q3 and 9M 2023 income statements, pending the finalization of the Purchase Price Allocation exercise); Q3 and 9M 2022 with LeasePlan included over the full period (whereas LeasePlan was consolidated from 22 May 2023 only and hence not consolidated in the reported Q3 and 9M 2022 figures). This like-for-like information excludes: i) ALD’s subsidiaries in Russia, Belarus, Portugal, Ireland, Norway (except NF Fleet), LeasePlan’s subsidiaries in the USA, Czech Republic, Finland and Luxembourg and ii) any PPA-related adjustment (e.g. intangible assets relating to customer relationships) and should not be considered as representative of the results which the combined Group would have achieved, nor of future results. Actual results may differ significantly from those reflected in this illustrative information for several reasons, including, but not limited to, differences in actual conditions compared to the assumptions used to prepare this illustrative information. Total margins (Leasing contract margin and services margin) excl. reduction in depreciation costs and non-operating items would have been EUR 687.1 million in Q3 2023, stable on a like-for-like basis vs. Q3 2022 (EUR 691.4 million). Pressure on margins expressed as a %29 was observed in Q3 2023, due to: i) the impact of inflation on Services margin, as inflation could not be fully transferred to customers and; ii) contract extensions in a context of delayed car deliveries. The negative impact on margins is expected to reverse as: i) new car deliveries will normalize, hence a lower impact from inflation and; ii) Ayvens is restricting contract extensions. Used car sales profit before the impact of reduction in depreciation costs in previous quarters would have been down by 17.3% from Q3 2022, at EUR 324.1 million. Gross operating income excluding non-recuring items and the impact on Used car sales result of reduction in depreciation costs booked in previous quarters would have been down by 6.7% vs Q3 2022, at EUR 1,011.2 million. Operating expenses excl. non-recurring items would have amounted to EUR 419.8 million in Q3 2023 and would have increased by 6.5% vs. Q3 2022 on a like-for-like basis, under the effect of recruitments to cover the transition phase. The Cost/Income ratio would have reached 61.1% in Q3 2023, vs. 57.0% in Q3 2022, excl. UCS result, reduction in depreciation costs and non-operating items. Balance sheet and regulatory capital Total balance sheet30 decreased from EUR 68.3 billion as at 30 June 2023 to EUR 67.5 billion as at 30 September 2023, mainly due to the disposal of entities previously classified as held for sale. Earning assets continued to grow strongly, reaching EUR 50.2 billion as at 30 September 2023, vs. EUR 48.6bn as at 30 June 2023, underpinned by the acceleration in Q3 2023 of the penetration of EVs which have a higher value. Ayvens’ risk-weighted assets (RWA) totalled EUR 56.0 billion as at 30 September 2023 under CRR2/CRD5 rules, with credit risk-weighted assets accounting for 86% of the total. The increase compared to 30 June 2023 is mainly explained by the flooring to standard of some LeasePlan exposures (EUR +4.2 billion) and organic growth (earning assets growth and reduction in order book: EUR +0.5 billion), partially compensated by a number of optimization initiatives (EUR -1.3 billion in total) and the disposal of remedies entities (EUR -1.2 billion). Ayvens had a Common Equity Tier 1 ratio of 12.3% and Total Capital ratio of 16.3% as at 30 September 2023 (vs. 12.5% and 16.6% respectively as at 30 June 2023). Financial debt31 stood at EUR 34.9 billion at the end of September 2023, not including EUR 2.0 billion bonds issued end of September 2023 which settled on 6 October 2023, while deposits reached EUR 11.5 billion (vs. EUR 35.6 billion and EUR 11.4 billion respectively at the end of June 2023). As part of its active liquidity management strategy, Ayvens continued to diversify its funding by issuing a total EUR 2.0 billion senior preferred bonds in September, its largest issuance ever. The funding raised, EUR 1.0 billion 2-year tranche and EUR 1.0 billion 5-year tranche, brings bonds issued to-date to total EUR 3.85 billion, and confirms the market’s strong appetite for Ayvens debt instruments despite challenging market conditions. The combined entity has access to ample short-term liquidity, with cash holdings at Central bank reaching EUR 4.0 billion and an undrawn committed Revolving Credit Facility of EUR 1.375 billion in place. Conference call for investors and analysts Date: 3 November, at 10.00 am Paris time –9.00 am London time Speakers: Tim Albertsen, CEO and Patrick Sommelet, Deputy CEO and CFO Connection details: Webcast: Click Conference call: FR: +33 1 70 91 87 04 UK: +44 121 281 8004 US: +1 718 705 8796 Access code: 457698 Agenda 8 February 2024: Q4 and FY 2023 results 3 May 2024: Q1 2024 results About Ayvens Press Contact Stephanie Jonville Chief Communications Officer Tel: +33 (0)6 46 14 81 90 stephanie.jonville@a Ayvens is the leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals. With 15,700 employees across 44 countries, 3.4 million vehicles and the world’s largest multi-brand EV fleet, we’re leveraging our unique position to lead the way to net zero and spearhead the digital transformation of the mobility sector. (The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: ALD). Societe Generale Group is Ayvens’ majority shareholder. Find out more at ayvens.com The information contained in this document (the “Information&r “Ayvens” refers to the Company and its consolidated entities. The financial information presented for the nine-month period ended 30 September 2023 was reviewed by the Board of Directors on 2 November 2023 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. |
Posted at 05/8/2023 08:43 by adrian j boris ALD Automotive / Leaseplan Announces Chief Financial Officer ChangesAugust 03, 2023 at 03:59 pm Patrick Sommelet has been appointed Group Chief Financial Officer of ALD Automotive /LeasePlan, reporting to Tim Albertsen, CEO. His appointment is effective as of 1 September 2023. Sommelet was previously Deputy CFO of Societe Generale and he replaces Gilles Momper, who will continue his career outside the Group. Patrick Sommelet began his career in 1993 at Credit Commercial de France where he was a trader on the bond and money markets. In 1998, he joined the Financial Institutions Advisory team at Merrill Lynch in London before transferring to the Paris office. Two years later, he joined the Strategy Department at Societe Generale and went on to become Head of Investor Relations and Financial Communication for the Group in 2006. In 2010, he was appointed CFO and Head of Support Functions of Boursorama before going on to become Deputy CEO. In 2016, he became Head of Strategic Financial Planning for Societe Generale and was appointed Deputy CFO of Societe Generale one year later. |
Posted at 13/10/2017 09:12 by che7win City chatter speculating that Aldermore could be taken back into the hands of private equity just two-and-a-half years after floating lifted the challenger bank towards the top of the record high FTSE 250.The consensus of analysts believe that Aldermore is a cheap bet for investors at its current valuation, making it ripe for a takeover. However, Aldermore was only taken public in 2015 by private equity firm Anacap, which remains its top shareholder with a 25pc stake, and the mid-cap firm is more likely to be the subject of advances from another challenger bank looking to consolidate, according to one analyst. The swirling rumours and a short squeeze – when a heavily shorted stock is pushed higher by short sellers closing their positions – lifted Aldermore 10.1p to 256p on thick trading volumes with the wider FTSE 250 hitting its highest ever close at 20,251.24. Meanwhile, the pound sinking on stalling Brexit talks helped the FTSE 100 also climb to a record peak, the blue-chip index closing 22.43 points at 7556.24. |
Posted at 11/10/2017 17:08 by montyhedge Bought through my broker, minimum 200,000 only investors classed as professional can buy. |
Posted at 14/6/2017 11:00 by igoe104 Aldermore Group PLC (ALD) Price Target Raised to GBX 295.Aldermore Group PLC (LON:ALD) had its target price boosted by analysts at Investec from GBX 290 ($3.67) to GBX 295 ($3.73) in a note issued to investors on Wednesday, May 17th. The firm presently has a “buy” rating on the stock. Investec’s price objective would indicate a potential upside of 32.41% from the company’s previous close. |
Posted at 03/3/2017 20:43 by steptoes yard the penny is dropping amongst the money men that there is too much money to be made from these so SHAW goes back to private equity and ALD and OSB will likely follow. Surprised AnaCap aren't buying back but these were always going to change hands at some point. Question is, is anyone prepared to pay 14 to 15 yrs earnings on them?I think they were floated so that retail could carry the early can but now we're on the cusp of dividend land, retail investors will be bought out so that they can carry the can with more risk elsewhere whilst HNWI profits from the next stage for challenger banks. Money to be made here before they go, tho |
Posted at 02/3/2017 15:05 by mazarin Were investors led to believe that dividends would commence 2017? |
Posted at 02/9/2016 11:48 by netflix2015 Well for all we know Morgan Stanley could have sold 15m or even all their 20.5m holding, as they have gone below 3% but no idea how low. Nevertheless I believe they must still have a few million to sell otherwise the share price would have gone over £1.70 if not £1.80 not being held back at £1.60ish! We should soon see in the next week or two though!! No more RNS's from MS though, so the day the share price goes boom and holds, and continues to rise £1.80+ is the day MS are gone. Do you know if we have any other large institutional investors, particularly any that may sell? |
Posted at 11/7/2016 10:29 by paleje Sunday Times didn't do us any favours yesterday regardless of whether they're right or wrong:-Challenger banks Until quite recently, upstart lenders such as Aldermore and Shawbrook were held up as potential saviours of credit-starved businesses. These challengers would pump much-needed capital into corners of the economy where scandal-ridden big beasts, such as RBS and Lloyds, feared to tread. Brexit, it would seem, has shattered much of that optimism. Shares in challenger banks have, if anything, fallen more steeply than those of their larger rivals. Shawbrook, for instance, has lost half its value since the EU referendum result. It gave investors further cause for alarm after last month taking a £9m charge against a number of soured loans. Shawbrook’s finance director stood down on the same day. The exodus has been partly fuelled by fears over what horrors may be lurking beneath the disruptive facade of these young and unproven lenders. The Bank of England warned last week that Britain’s smaller banks and building societies were more exposed to a slump in the value of office blocks and shopping centres than their big-name high street brethren. The minnows lent cash to commercial property developers on racier terms, according to Threadneedle Street. A greater concern, perhaps, is the damage inflicted by the nasty economic downturn that looms, as Britain prepares its withdrawal from the EU. The challenger banks are built for growth, so any slide in demand for credit will hit them harder. Another worry is rock-bottom interest rates, which limit how much banks can earn from loans and mortgages. With the Bank tipped to slash rates this week, there is more pain ahead. |
Posted at 27/12/2015 17:19 by aishah Buy-to-let investors to challenge tax hike in courtLandlords are clubbing together to fight the Tory's tax hike – and they have appointed Cherie Blair's law firm to help them By Richard Dyson 1:03AM GMT 26 Dec 2015 Wealthy property investors are mounting a legal challenge to the Government's proposals to increase tax on buy-to-let investments. They hope a judicial review will overturn the controversial "Clause 24" of the 2015 Finance Bill, in which the Government introduced plans to prevent landlords offsetting mortgage interest costs against rental profits before calculating tax. These tax changes, which will apply to existing investment properties as well as future purchases, will result in some buy-to-let investors paying tax even where they generate no profit or are loss-making. In this case the judicial review – a legal process in which a court reviews legislation or administrative decisions – needs to be submitted by February 17, 2016. The challenge is being led by millionaire private landlords Steve Bolton and Mark Alexander. Mr Bolton, who owns about 20 residential and commercial properties, is also the founder and owner of Platinum Property, a buy-to-let training franchise whose members' portfolios are worth a total £200m. Mark Alexander is founder of online buy-to-let forum Property118. The third figure involved in the action is Chris Cooper, a modest investor and part-time landlord who - like hundreds of thousands of others - is using buy-to-let as part of his pension. In an ironic twist law firm Omnia Strategy, founded and chaired by Cherie Blair QC, the wife of Tony Blair, has been appointed to represent landlords' interests. Landlords will argue that the Tory's tax move flouts "a long-established principle of taxation that expenses incurred wholly and exclusively for the purposes of the business are deductible when calculating the taxable profits". Although buy-to-let investors have met with little support from any political party, their objections to the tax changes are widely supported by the accounting and legal professions. The Institute of Chartered Accountants in England & Wales (ICAEW) has attacked the removal of mortgage interest relief as "unreasonable, unworkable and unthought through". It has pointed out that those worst-hit will be small property investors, including middle-class savers adding one or two buy-to-let properties to their pensions and other portfolios. |
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