Summer Budget 2015 – Landlords Reactions

Summer Budget 2015 – Landlords Reactions

14:00 PM, 8th July 2015, About 10 years ago 9619

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Budget 2015 - Landlords Reactions

The concern is;

Budget proposals to “restrict finance cost relief to individual landlords”Summer Budget 2015 - Landlords Reactions

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ray selley

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19:25 PM, 28th August 2015, About 9 years ago

Mortgage Strategy the mortgage brokers trade magazine has today featured in their Latest News an article in the same vein as the Telegraph.Lets hope brokers read it and spread the news although many will not as its not in their interests

TheMaluka

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19:31 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Barry Fitzpatrick" at "28/08/2015 - 17:36":

The reply is interesting in that with the right hand it imposes extra taxes and with the left tries to say how to avoid them. Much better not to impose them in the first instance.
The big problem for landlords is that property investment is a long term business, 20 years perhaps, but the tax is being imposed over a short period, far too short to react in a sensible manner.
Having persuaded all landlords to incorporate the next stage may well be to impose Envelope Tax on all such properties, currently only on enveloped properties worth more than a million.

Appalled Landlord

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19:57 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Barry Fitzpatrick" at "28/08/2015 - 17:36":

Hi Barry

I don’t know if I have posted this on this thread already. Apologies if you have read it before.

“By restricting finance cost relief available to the basic rate of income tax (20%) all finance costs incurred by individual landlords will be treated the same by the tax system.”

This is the opposite of the truth. Finance costs incurred by individual landlords will be treated DIFFERENTLY by the tax system. Some landlords will be unaffected, some will pay a levy on their finance costs of up to 20% and possibly lose the personal allowance, and others will pay a levy of up to 25%.

Gauke is a minister so he knows what he wrote is not true. He is blackwhiting us: https://en.wikipedia.org/wiki/List_of_Newspeak_words

Mark Shine

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20:11 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Barry Fitzpatrick" at "28/08/2015 - 17:36":

There's also SDLT..

Dr Rosalind Beck

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20:18 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Appalled Landlord" at "28/08/2015 - 19:57":

Thanks for that link, Appalled. It's such a long time since I read '1984' that I couldn't remember half of it and mistakenly remembered 'doublespeak' as coming from it. There was an interesting link at the bottom as well which has nicely diagnosed my current illness for me - cognitive dissonance (i.e. the extreme distress I feel when I read the 'blackwhite' being repeated by the Government).

Dr Rosalind Beck

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20:30 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Barry Fitzpatrick" at "28/08/2015 - 17:36":

I think we should examine this sentence a bit more:

'This restriction will reduce the advantage landlords may have in the property market.'

This is the statement also used in the response to the petition and it is interesting that it has become a tentative statement, by using the word 'may.' So now the Government massively interferes in a whole business sector which provides an essential service because they think the business sector MAY have an advantage over others wanting to buy property. I've just got a feeling we could maybe do something with this.

This can be compared to the Chancellor's justification for the tax grab:

'‘The ability to deduct these costs puts investing in a rental property at an advantage.'

That was a definitive statement. But it's become tentative. I think they're weakening!

MoodyMolls

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20:39 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "David Price" at "28/08/2015 - 19:31":

Is this dropping to 500,000?

Mark Shine

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20:45 PM, 28th August 2015, About 9 years ago

Mark Alexander - Founder of Property118

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20:58 PM, 28th August 2015, About 9 years ago

If the Government plans to level the playing field with owner occupiers can we have £1million of IHT relief in our equity in BTL properties please?
.

Dr Rosalind Beck

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21:11 PM, 28th August 2015, About 9 years ago

Reply to the comment left by "Mark Alexander" at "28/08/2015 - 20:58":

Ah, good point Mark. I'd love this level playing field - with no tax to pay on rents and no CGT. We could make more of this argument, I think. We've got the Chancellor and the Green Party before him and the other groups and individuals who have made out the system is so unfair and so stacked against the owner-occupier - I never knew how unfair the system was (but in the opposite direction) before this shit hit the fan. I wasn't really interested - as long as I could pay the bills. And it turns out the system is indeed very unfair. I want it to be FAIR. I agree with GO. It should be made fair!

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