Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Manchester Landlord" at "29/09/2015 - 12:24":

I think what will happen in foreseeable future is that legitimate landlords likes of landlords from property118 who are campianging and raising their voices against travesty of justice will eventually sell up as there is so much controversy against BTL as we have been mentioned in par with Google, Starbucks and Vodaphone.

People who do not declare their taxes, will remain in the market, and will exploit as much as possible. Consequently there will be huge shortage of properties which will cause housing issues. Councils and government will be begging landlords and may reintroduce Tax perks to entice them back in.

But it will be too late then...as good landlords like myself and Mark Alexander will be enjoying our sunshine in Malta...they can keep playing their games, we will play ours.

Reply to the comment left by "Saeef Khan" at "29/09/2015 - 12:34":

This is what happened in Ireland, we should be able to sue the government if we have to sell our businesses?

Reply to the comment left by "Saeef Khan" at "29/09/2015 - 12:34":

Saeef you may visit me in the Philippines, my retirement country.

Reply to the comment left by "David Price" at "29/09/2015 - 13:19":

LOL David..I will indeed do that.

BTW, those who do not know or met David. I have personally met David, he is a very nice and softly spoken Gentleman with heap of knowledge relating property matters.

Reply to the comment left by "Saeef Khan" at "29/09/2015 - 13:30":

Saeef, thank you for your kind comments but please do not spread that message too far as you will destroy my hard earned reputation as a playboy.

Reply to the comment left by "David Price" at "29/09/2015 - 13:44":

LOL David. I think you may have to lose your playboy status if Corbyn and McDonnell come in power!!

The Daily Mail today covered John McDonnell's speech - regarding him targeting 'booming businesses and buy-to-let landlords.' He wants to target us for 'swingeing tax rises.' Well, many of us may be out of business by the time Labour could get in, The thicko hasn't realised the Conservatives have beaten him to it. He doesn't understand our business and has got a bit mixed-up about the wear and tear stuff and not mentioned the tax grab. For me, I could face a near million % tax rate (if I have £1 profit and a £10,000 tax bill - which I will if interest rates go up by about 3.3%). And with a higher interest rate rise I'll be like Buzz Lightyear - 'Into Infinity and beyond!' And he thinks he can do better than that.
We have to remember of course that the majority of Labour MPs can't stand this joker.
There was a nice little side-piece next to the news article - I couldn't find it on-line, so will type it out here:
Heading: 'Hammer Buy to let landlords.'
'What he said: Billion pound tax breaks for btl landlords to carry out repairs will be cut. We will control exorbitant rents.
How it will hit you: Labour pretends landlords all have large empires worth millions. In fact, many are middle-class families who rent out a single property they have bought as an investment or inherited.
Axing tax breaks for repairs, while simultaneously using the power of the State to keep rents artificially low, would make it no longer financially viable for many of the 2.2. million landlords - 1.6 million of whom have a mortgage.
Economists have described rent controls as 'the most effective technique known to destroy a city - except for bombing.'

And as I say, we'll have already been bashed into oblivion... God, it's just like a frenzy of landlord-bashing by an out-of-control mob. I might have to go and lie down (bring me the vapours).

Reply to the comment left by "Ros ." at "29/09/2015 - 14:41":

And it's only going to get worst Ros... We're going to have to get used to it. If of course we're still trading!

Reply to the comment left by "Ros ." at "29/09/2015 - 14:41":

In order to conform to the spirit of the Equality Act I have to declare that I dislike all politicians of all parties equally, I have no bias left or right. From where do they get their ideas? For the last 30 years I have been providing affordable housing, in the affluent South East, for upwards of 50 family groups. My profit after tax is about £500 per year per property which gives me a modest £25k for a massive investment and a full time job.
I am sure I am not alone. There is no scope for additional taxation if the politicians wish my 50 properties to remain on the market for if I go bust then they will become, and remain, empty.

Reply to the comment left by "Dislexic Landlord" at "29/09/2015 - 08:36":

The calculator on the link is incorrect. Additional 45% tax band keeps coming up as zero for figs £150K

http://ismyportfolioscrewed.co.uk/