General Election 8th June – Who on earth do landlords vote for?

Reply to the comment left by "Barry Fitzpatrick" at "21/04/2017 - 08:34":

Thanks Barry but I believe your figures assume basic rate tax in which case you are right. However, in our case s24 counting interest as a revenue initially pushes us from 40% up to 45% tax payers and loss of personal allowance. We then get 20% off. This means we pay net 25% on our interest bill, which will increase if base rate increases. Do let me know if this is not right.

Reply to the comment left by "Barry Fitzpatrick" at "21/04/2017 - 08:34":

Barry,
What you have stated in regards to tax is only half true, but it doesn't matter.

You are rationalising discrimination, don't vote for it!

You are buying into the argument that you are running an investment vehicle and not a trade or business.

Investments are taxed with capital gains tax, not discrimination via a lie.

The problem is that we are also now taxed on turnover of interest payments, in addition to a normal tax on profit, that all other business pays.

Competition Landlord Ltd doesn't
UK plc doesn't

So why should I?

What's worse, is that your personal allowance is now eroded by a business expense instead of what should be your net profit only.

If you don't make a profit in excess of your new 'turnover tax', (Tenant Tax), bill you will be bankrupted, regardless of any normal profit or loss calculation.

So on April 6th, you know that the turnover of your mortgage interest payments will be £X, add that to any existing gross income and if it exceeds the higher rate threshold you have a big problem.

When interest payments increase, your bill gets higher, not lower and you haven't even made a profit yet, its only the first day of the tax year.

If you were on PAYE, it's the equivalent of a negative tax code.

You don't have to get out of bed and make a profit to create a taxable profit anymore, why bother?, your Section 24 tax bill is all ready to be calculated from tax day 1.

If you maintain your BTL mortgage payments, you will now either have a tax bill or your personal allowance munched up, regardless of any actual business transaction between you and your tenants taking place, that might make a profit, or makes a loss with say a void property.

You still pay tax on a fictional profit, you are now paying tax on a banks turnover, not just your own business profits anymore and your personal tax allowance gets burned up doing it at the same time.

So when it comes to making a profit at some point and for some reason you don't, you still have a tax bill to pay.

Vote Tory for that?

I don't think so!

Reply to the comment left by "Robert Grant" at "21/04/2017 - 10:31":

Nutty Nigel Farage should negotiate Brexit, not the Tories for God sake!

They will sell off the North Sea for a European Bank Long Term Bond and a thatched cottage in Tuscany.

As for being a UKIP candidate, I'm up for it, but my views may be deemed too controversial for them.

Abolish section 8 notice periods and County court Bailiffs.
Unemployment benefits stop after 3 years
Drug addicts should be catapulted into the English Channel.
Prison sentences for persistent CCJ defaulters.

Etc

Reply to the comment left by "NW Landlord" at "21/04/2017 - 08:52":

I don't believe Governments can buck markets. The Irish tried it twice and look what happened.

Having said that this Government deserves a kicking for what they've done to the PRS, so I'll be voting UKIP unless they jump on the anti-Landlord bandwagon as well.

If you add voted Tory, won't this time, to UKIP , the Tories have a problem.

If Leavers were to desert Labour for UKIP - oh boy - Nutty Nigel for PM?

Out of Europe and no sell off of the seas.

Can't understand why Nigel won't run for UKIP leadership, but he needs a copy of our poll above.

Nice!

Reply to the comment left by "Gary Dully" at "21/04/2017 - 11:02":

Just got my vote ??

Mine too ?

One of the unheralded reasons May called an election was to get out of the last Tory manifesto pledge not to raise taxes. With Brexit, taxes will inevitably rise as the tax base erodes. S24 isn't going to go away, despite it being totally insane economically in redfining profit. The Tories know who pays their piper.

The only realistic hope of getting rid of S24 was to go eventualy to the European Court of Justice on a discriminatory taxes plea. UKIP was instrumental in Brexit and this route being cut off.

UKIP is a populist neo-Poujadist party who don't seem to have coherent policies on anything except immigration. For instance, I had long correspondence with my local MEP about TTIP and ISDS. He clearly had no idea that corporate lawyers deciding disputes beteen multinationals and governments wasn't exactly bringing back control. Then UKIP policy flipped.

If you think a populist party is going to support the "monsters" that landlords have been made out to be (thanks Fergus for the negative PR) then I fear you are deluded.

I'm a parent and a grandparent and I shall vote for a party that gives them hope for their future, both environmentally and internationally. I could never vote for a clmate change denier or someone who wants to sell off the NHS. Nor for a partry that has imposed 7 years of awful austerity in a discredited economic onslaught that has harmed the people we house.

Reply to the comment left by "Gary Dully" at "21/04/2017 - 11:02":

Gary, maybe you can sound them out in your area then? I think UKIP IS the party of controversy and you will fit in well. I hadn't seen the following speech, which my daughter told me about today. It's a great speech and shows that plain speaking is the mot de jour for UKIP (sorry, I'm sounding a bit like Del Boy now):

https://www.youtube.com/watch?v=ZGxe1zC-4WU