Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Markb " at "20/11/2016 - 16:33":

I find it incredible that you cannot see the injustice in Section 24. I suggest you read the taxi driver thread:

https://www.property118.com/taxi-drivers-lose-tax-relief-fuel-autumn-statement-2016/92213/

It seems that you also disagree with the IFS, iea, ICAEW, the Taxpayers Alliance and the Money Editors of the Telegraph when they call the tax inherently unjust. I would appreciate it if you would now stop saying that you think it is okay. You have said it several times and you are wrong.

Reply to the comment left by "Trendo " at "20/11/2016 - 16:27":

I read Steve Bolton's letter too. It made me laugh out loud.

Reply to the comment left by "Dr Rosalind Beck" at "20/11/2016 - 16:50":

Ros. I think all four 2015 changes to Landlord taxes are very very wrong! And I have never said anything otherwise - Ever!.

I think they are unfair as they are retro...

I, over time, can however see that there is a good logic to the changes - That is VERY VERY different from agreeing with them or liking any part off them.

Were I just about to become a landlord for the first time and my research said there was a 3% surcharge when you buy as a landlord, you could not claim W&T at 10% and you could not claim mortgage interest and other finance costs as a cost of doing business and when you sell, you have to pay 28% CGT then I would still do it if the maths stacked up. I would not be saying that seems unfair or unjust or different... Would you?

My personal dissapointment, thoughts and feelings and the impact it could have on my family doesn't and shouldn't mean I should categorically deny any other view or opinion or that I should stick my head in the sand, ignoring or belittling or trying to silence all other viewpoints and wait to get my butt kicked.

I fear many others either still don't know about the Tenant Taxes whilst others don't or choose not to consider, think about or understand what the opposite opinion to ours is.

If those here on this forum, that very wrongly think I am for the tenant taxes, would read what I actually say, then they would see that there is a raft of productive work to be done. To understand the opposite position gives us strength and the best chance of finding a solution and or helping the other side see the consequences of their decisions - understand what they think and why. To simply nay-say and try to silence those that have a differing view is very wrong, unfair AND doesn't fix a thing.

Imagine you were not a landlord or a renter. You read the paper and you have a mortgage on your house... and breathe .... what position would you reasonably take on the tax changes for landlords. Could you understand why such a person would not be on our side? I am not asking if you think they are right or wrong i am challenging the forum to think of this from the otherside and realise the work we can do is to change the law on landlords being a business. Not trying to changing ourselves into an incorporated business or some other smart accounting trick - Change how we are currently viewed / treated so that landlords are a legal business and a legal tax entity that acts like a business.

My point is that we as landlords probably cant change the Tenant Taxes by anything other tan rent increases. A well balanced excellent report like your is fantastic if it reaches the right ears at the right time. However unfairness and unjustness to landlords are not going to be factors in undoing Tenant Tax.

So what... I say, lets pause, rethink, reload, re-aim and target what we can do to make a change. The first thing is to increase rents to collect the taxes and then to properly and professionally propose legislative changes that best suite the nations housing needs.

Goodness knows there are enough brains on this forum. Most of whom may not post for fear of being told to shut up or for fear of being accused of not being a landlord or accused of trying to sabotage or accused of batting for the other side or accused of thinking Tenant tax is right.. Come on Ros..., We are better than that on here arn't we?

Reply to the comment left by "Markb " at "20/11/2016 - 16:33":

You continue to peddle Osborne’s false comparison with Mortgage Interest Relief at Source (MIRAS).

The latter was designed to offset a tax that owner-occupers used to pay, which was based on “imputed” rent - the rent that an owner-occupier would be willing to pay to live in his or her own property.

Under MIRAS, everyone who had a mortgage on his or her principal residence got a reduction in income tax. The interest had no connection with the source of their incomes.

In contrast, BTL interest is intimately connected with the source of the income from letting. It is the essential cost that is paid for the mortgage without which the landlord would not have been able to buy the asset which generates the taxable income.

The tax on imputed rent was abolished decades ago, whereupon there was no;longer any justification for an owner-occupier to deduct interest from his or her actual income before calculating tax. However, MIRAS continued to be given for years after, as a subsidy for owner-occupation. But it was unfair that someone who had a mortgage paid less tax than someone who rented, so MIRAS was abolished in April 2000.

The credible reason for landlords deducting interest is that it is a cost of generating a taxable profit.

Your twisted logic that tenants, rather than landlords, benefit from the landlords’ mortgage interest relief reminds me of S E “Landlord”’s twisted logic comparing interest to dividends. Are you perhaps related?

Osborne’s sophistry was designed to fool people with no knowledge of our business. It was rebutted on this forum shortly after he said it. There was no excuse for you to keep repeating it. I agree with Ros, you should stop, now.

Reply to the comment left by "Markb " at "20/11/2016 - 17:58":

If it is good logic, why don’t you agree with it? That does not make sense.

It seems to me that you agree with S 24, despite the absence of logic, and that you are another apologist for it, masquerading as an opponent.

Reply to the comment left by "Markb " at "20/11/2016 - 17:58":

"Goodness knows there are enough brains on this forum. Most of whom may not post for fear of being told to shut up or for fear of being accused of not being a landlord or accused of trying to sabotage or accused of batting for the other side or accused of thinking Tenant tax is right." - MarkB

So, which one of these are you, Mr MarkB(rainy)?

The likes of Martin and co getting behind landlords exactly the kind of support needed

https://www.landlordtoday.co.uk/breaking-news/2016/11/investors-are-fed-up-with-governments-anti-landlord-policies-want-change

Tony Blair is coming back in Politics. He has branded Theresa May as "Light Weight" and Corbyn as a "Nutter" If he does come in Power although low possibility due to his unpopularity then all changes imposed by Osborne are sure to be reversed!

http://www.independent.co.uk/news/uk/politics/tony-blair-returning-to-politics-comeback-jeremy-corbyn-nutter-theresa-may-lightweight-a7427676.html

A letter arrived this morning from C&G - headed Tax Relief changes may mean paying more tax.
We've already had a similar one from Birmingham Midshires - so we just need one from the West Brom now and we'll have a full set

http://www.mortgageintroducer.com/ifa-boss-government-hammered-middle-classes/#.WDLwZBS_laU