Treat Landlords more like Farmers?

Treat Landlords more like Farmers?

9:32 AM, 26th November 2024, About 2 hours ago 5

Text Size

With all the recent fuss about farmers and the changes in inheritance tax rules for them, something struck me and I wonder what thoughts other members have.

I raise this partly in jest as IN NO WAY would these thoughts be entertained owing to the low opinion had of landlords.

So, what other business has high assets and low cash (apart from a necessary contingency fund) and often quite a low income? Small portfolio landlords like myself can’t afford to get our properties managed so we are on call 24/7 though we are not out milking cows at dawn but sometimes I think that animals would be easier to manage than tenants.

When we reach a certain age we start thinking about the future of our business. If we don’t transfer the assets 7 years before we die there will be a lot of inheritance tax for our heirs to pay. This will mean they will probably have to sell up all or most of the portfolio (if they even want to carry on in this business, but that’s another matter.) No new investors are interested in buying these properties.

So properties are lost to the private rental sector at a time when they are vital for many reasons as we all know.

This begs the question – farmers are talking about farms lost to the agricultural worth of the country and possible food insecurity. What about housing insecurity? Which is the greatest threat to a good life – importing more food or having a roof over your head?

Shouldn’t landlords also be given a similarly ‘good deal’ when it comes to inheritance tax in order to maintain a thriving rental sector for years to come?

Oh, sorry, I am living in cloud cuckoo land but I thought I’d put it out there.

Helen


Share This Article


Comments

Jason

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:30 AM, 26th November 2024, About 2 hours ago

The whole UK tax system needs major reform. All these budgets ever do it just move thresholds around creating winners and losers across multiple sectors year on year. The UK really needs to look at itself as a county and decide what it really wants to become, then structure an effective tax system around those goals. Now would have been the best time to have done so but we just simply don’t have (and likely will never have) the right political party.

GlanACC

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:56 AM, 26th November 2024, About 2 hours ago

Actually this is a good point, when i croak it my kids will have to sell one or two properties to pay the IHT bill.

Mandy Bloedow

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:21 AM, 26th November 2024, About An hour ago

I was thinking the exact same thing, all we get is penalised year after year 🙁

Downsize Government

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:34 AM, 26th November 2024, About An hour ago

The government needs a 1 year amnesty on CGT and stamp duty. To allow everyone to reposition their assets. These taxes lock people into owning assets they wish were in someone else's hands. This causes a lot of deadloss for the economy.

Being able to transfer these assets without these taxes would solve some of the IHT problem.
IHT is completely unnecessary, new Zealand doesn't have it and doesn't miss it.

Yvonne Francis

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:48 AM, 26th November 2024, About 50 minutes ago

Helen: I've had the same thoughts. After all landlords run an essential business like farmers, but no one has suggested we can leave on death our properties tax free to our inheritors. While I have some sympathy with the
farmers, I'm not totally with them, because of my situation. My inheritors will have to sell a considerable amount. If you try and solve this situation you are caught every way around.  

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More