Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Stewart Jackson” at “31/07/2015 – 14:55“:

Mark Alexander’s original comment. £300k income, £200k interest, £100k fees = No taxable profit.

No one would do all that work, risk all that capital, if they weren’t making money somewhere. Ergo, it must be in Capital Gain. I think the rferences give earlier have it right: the treasury may be doing this to flush out the capital gain now as George has a hole in his bucket.

Stand by your assets, the spendthrifts are about.

Connie, We just posted this on our site & added to our newsletter: http://tinyurl.com/Prop118

Thanks & Regards,
Martin Silman

Portsmouth & District Private Landlords Association
Portsmouth, UK

There has been some criticism of ” the guru’s ” not taking up the cause and publicising the effects of the tax change.

I’ve just heard from Phil Martin that he has today emailed 10k of his contact base and will have another 100k feeding through his email system over the next few days.

Reply to the comment left by “Connie Cheuk” at “31/07/2015 – 16:25“:

You must be furious with them Connie, I certainly am.

I hope their members do their own research and find the truth here or elsewhere.

I also hope their members give the pompous **self-moderated** fool who wrote that article a piece of their minds. They deserve to lose membership over that.
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Reply to the comment left by “Connie Cheuk” at “31/07/2015 – 16:25“:

I suspect they just don’t understand it and as for misleading mathematics…. would they like to explain what is misleading? Or is it just because of sheer disbelief that you can be taxed at a rate more than you earn? If it’s that then I share their disbelief but can do sums too.

Sorry about this Connie – my mistake – I have corrected this post now.

http://www.dalbeath.co.uk/buy-to-let-mortgage-interest-tax-relief-how-will-it-work/

Please let me know if you spot any other errors.

Regards

Matt

Reply to the comment left by “John McKay” at “31/07/2015 – 16:39“:

The example which the representative of Portsmouth & District Private Landlords Association is questioning was Megan Shaw’s example!

The author also thinks it is our petition – it is not, we are merely supporting it, along with 5,000 others and counting.
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Reply to the comment left by “Matt Harris” at “31/07/2015 – 16:47“:

Welcome to Property118 Matt 🙂
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Apologies if this has already been discussed but does anyone know how other things like Child Benefit will be effected by all this? There is an extra tax charge when total taxable income is over 50k https://www.gov.uk/child-benefit-tax-charge

My understanding is that someone earning say 35 k with 29k rents from his BTL financed by 15k loan is CURRENTLY entitled to some child benefit as his taxable income is 49k and so just less than the £50k child benefit cut off.

however after 2020 and these proposed changes taking effect would his total taxable income become 50k meaning he also gets an extra tax bill typically of up to £2500 pa (average type of family with 3 kids).

If so there may be many many more people thinking it’s not going to effect them AND it is!

What have I done today? I’ve signed the petition and notified my MP (Nick Gibb Conservative) that I have done so just to draw more attention to it. In doing so I noticed that his House of Commons biography lists economics and taxation as his area of interest so I asked him for his personal view on all this. He has already passed a previous letter of mine onto George Osbourne but I thought I’d make him work a little bit more. Anyone else got an MP listing an interest in economics or taxation? I’m thinking it must be hard for most tory MPs to honestly defend this.

Reply to the comment left by “Mark Alexander” at “31/07/2015 – 16:31“:

Mark,

I am in fact offended by their response. It seems as if they are patronising our petition and seem to nullify our views by branding us as incompetent and amateur.