It appears that even some of the biggest names in the property world have been affected by the changes to mortgage interest tax relief, as former Prime Minister Tony Blair has set up a buy-to-let company.
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Former Prime Minister starts second buy-to-let company
The Blairs are no strangers to property investment, with Tony, Cherie, and their eldest son Euan already owning 38 homes worth an estimated £33 million. The trio already have a property company, Oldbury Residential Ltd, which they use to let the properties they own in the north-west of the country.
Now Tony and Cherie Blair have set up their second property company, Harcourt Ventures Ltd, as their buy-to-let empire continues to grow.
It appears the Blairs are following the advice many landlords have been given - avoid the slew of recent tax changes by setting up a limited company.
Cherie Blair fights changes to mortgage interest tax relief
It’s no surprise that the Blairs have taken this route, given that the law firm Cherie Blair leads, Omnia Strategy LLP, represented landlords Steve Bolton and Chris Cooper in their unsuccessful fight against the buy-to-let mortgage tax relief changes.
At the time, Cherie Blair said the court’s decision was “very disappointing”, and that landlords would now “face challenging times ahead” because of the “unfair measure.”
Cherie is now the sole director of Harcourt Ventures Ltd, though husband Tony owns 50 per cent of the shares.