Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Mark Shine" at "03/03/2016 - 12:48":

I suspect that GO may go for small incorporated landlords, those with less then 15 properties as a means of giving his big corporations the advantage he perceives they require. We await the budget with interest for who knows what magic it will contain.

I am sick of the unknown sick of worrying and cant believe how a government can sabotage my business I have worked so hard for what next is he gunna come into my house and steal my belongings never will I vote Tory again

Reply to the comment left by "NW Landlord" at "03/03/2016 - 13:02":

Completely agree on all counts. It beggars belief that such a stupid man has such power to destroy with one hand what so many of us have worked dammed hard for over many years.

I take great pride in my properties and my tenants want for very little yet I am constantly being treated like a crook by GO and his cronies. I shall never vote conservative again either (come to think of it I did not last time which makes me feel better!!) but who is the alternative? certainly not Corbin and Co, I suppose the best outcome would be for the country to vote out of the EU, a vote of no confidence will ensue which will wipe Cameron and Osborne from the face of the earth and a new age will dawn, may be a coalition of PM Boris and Nigel F??. Douglas.

To be fair I didn't either because of universal credit etc and I thought that was bad didn't see that dark day in July coming it will blow back in his face because he is taking on a group of sharp intellectual business people who won't take this Lying down

If Osborne does this it will be to increase his tax take and, for obvious reasons, negate the unfairness argument against Clause 24.

However, based upon his typical pattern of behaviour there will be exemptions designed to enable the largest rental providers to continue to offset mortgage costs. Osborne will not want to hit companies that are essential to both the build-to-let project and donations to the Conservative Party. 

We need to do what we can to uncover these exemptions as early as possible. Osborne may be trying to adapt, and we must beat him at that game.

Reply to the comment left by "David Price" at "03/03/2016 - 12:59":

Is that going to be allowable given that it's discrimination against small businesses? I suppose it would have to be residential property only or he'd be disallowing finance charges on many business's own premises. If it was for "premises not used by the business" you could employ all your tenants on temp zero hours contracts (as premises security guards?) and say it was business-related (NOT).

Reading between the lines the government could be running scared a little as we may have a strong case in the eyes of the law

I believe they are on dangerous ground and are being backed into a corner the whole thing is poorly thought out and basically ameurtish to say the least

I do wonder how they could do this as it would be clear discrimination based on size of business, or value of business or number of properties...

They have never even offered a justification for only introducing C24 to 'individual' landlords and not incorporated ones, other than use the word 'individual' to imply owning a property business is the same as owning your own home, if you're not incorporated.

They don't seem to feel the need to try and justify it though (or rather, they don't try because it cannot be justified in any logical or moral sense), so maybe they will just continue to do what the hell they like and offer no justification apart from some silly nonsensical one like they did last time - 'we want a fairer tax system, blah blah blah...'

I think it would be relatively easy to remove tax relief on all borrowings on the basis returns by way of dividends are after corporation tax is paid. There would have to be a time period to allow companies to adjust.

An added benefit would be an increase in the tax payable by multinationals that use international loans to reduce the tax due in the UK.

Reply to the comment left by "S.E. Landlord" at "03/03/2016 - 13:57":

Common Sense, Logic, Cheap Lawyers, The tooth fairy, Unicorns, Medusa, the Gorgon, Pegasus - all seem to be in the same category as far as GO is concerned.