Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Saeef Khan” at “18/08/2015 – 19:36“:

I don’t think their tax calculator works, Saeef. Have you tried it?

Reply to the comment left by “Connie Cheuk” at “18/08/2015 – 19:32“:

Connie, it works out on average £2K a month on £200K gross income PA.

£24K a year roughly.

Reply to the comment left by “Saeef Khan” at “18/08/2015 – 19:44“:

That is correct, then. Heck.

I’m ready for a court battle – bring it on! Where’s Atticus Finch when you need him?

Saeef, I haven’t even told my family. I’d be too ashamed now. What were you thinking, overreaching like that, they’ll say, and it wouldn’t even be a question. Damn, it’s lonely being a Landlord, misunderstood and reviled. I should have invested in vintage wines!

Has anyone realised, when you push up rents then tax man is also going to have bite of that cherry, if you are 40% tax payer then he will have extra 40% in his coffers.

Win Win situation for Tax Man!

Double Whammy For Landlords!

Reply to the comment left by “Connie Cheuk” at “18/08/2015 – 19:55“:

Connie, the good thing is that, legislation is due to start in 2017. House prices are unlikely to fall.

If it is not fincially viable, we always have a choice to off load our stock…which is exactly chancellor wants so he can rake in CGT receipts.

If you can hang in there for few years, property is likely to pay dividends, even with theses drastic changes.

What part of country do you invest?

Reply to the comment left by “Connie Cheuk” at “18/08/2015 – 19:55“:

The last thing we need is a legal case – trust me on that one!

Raising the money to fight mortgage lenders was bad enough, never mind the length of time it takes for the wheels of Justice to grind. We started the case against West Brom in September 2013. It will not be heard at the Court of Appeal until April 2016 and it could to to the Supreme Court after that! 🙁
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Mark,

Since Connie mentioned, it’s lonely to be landlord. Do you organise conferences where landlords can get together every 3 months or so to share new ideas etc?

I meant financially viable.

Reply to the comment left by “Neil Allen” at “18/08/2015 – 19:31“:

I’m with you Neil, I’m already looking into it! I want to put the threat into one of my submissions to the Public Committee on the Finance Bill. HMRC are already embroiled in a zillion legal cases, so it won’t phaze them, but the Government obviously wants us to just roll over – like you, I was outraged at the subject of energy-efficiency measures even being brought up in the context of the biggest attack on private landlords in living history (if not ever). We have to not make it easy for them. Let them find an easier target – just like burglary prevention – make your house harder to get into.
Oh, I just wanted to put a link in yet again – this one: http://www.iea.org.uk/blog/the-green-interview-%E2%80%93-failed-on-style-what-about-the-substance

Because I read it again earlier and noticed a very important point, which is that GO 5 years ago thought about doing this to limited companies. To me, this makes it highly likely he will go for them next. It also, to me, closes ‘incorporation’ as an option for us if this thing goes ahead – as you could pay all the fees and then get stung anyway. It would be a double-whammy.

Reply to the comment left by “Mark Alexander” at “18/08/2015 – 20:03“:

I know Mark. Wishing a fictitious character to argue our case was also rather stupid.

I think I need a coffee and chocolate. I hope I’ll still have money for both once I’m paying extortionate tax.

Thanks, Saeef, for comforting words. I actually would not incur any CGT now or in the next few years as I’m a relatively new Landlord, so George Osborne has nothing to gain from my sales. I, however, have much to lose from the gains, not in terms of CGT. It’s difficult to explain a dream, though Martin Luther King did it so well. I think in every business there is intangible worth, beyond monetary.

Either that, or I’m going stir crazy in front of this computer screen…