Summer Budget 2015 – Landlords Reactions

Here is an interview with Steve Bolton on the tax changes. He is in touch with Richard Dyson at the Telegraph. Good interview and should help the campaign.

https://www.youtube.com/watch?v=nKPI2bqbDNg

Reply to the comment left by “KATHY MILLER” at “09/09/2015 – 19:49“:

I hope and suspect he will lose votes over this.

Reply to the comment left by “Ros .” at “09/09/2015 – 08:48“:

Ros can we catch up on the phone?

Reply to the comment left by “Ros .” at “09/09/2015 – 20:56“:

Don’t forget though a loft conversion or an extension,or any improvement will be considered a capital expenditure so can’t be claimed against income tax , only against CGT when you sell.

Reply to the comment left by “Barry Fitzpatrick” at “09/09/2015 – 09:19“:

Barry you said….”Would it not be better if we can put together a list of bullet points and that people can then put in their own words? Yes I know some people won’t be bothered”

I don’t know the answer…. I just know that there will be a 1,00o points to consider and 26,000 different ways of saying it. I think we would do well to rank our points in order of pertinence to the committees decision matrix and power to our key fundamental objections. It is the top 10 issues / objections that MUST get head and be considered and I am concerned that either all 1,000 points will get randomly said and as a result no coherent linkage is established and the committee will dismiss them as disparate objections – or as you say, none will write. Your bullet point suggestion may be good. Can we organise a conference call or even meeting with say 20 of us ASAP??

Mark I disagree with you that the survey is a complete farce and pumped up by the HPC. Local family homeowners around me in the ‘burbs are worried sick about how their little kids are one day going to afford their own home, with it being approx. 10 times a salary and fast climbing. Whilst “regular” families are scraping by on one f/t wage and one p/t wage, mortgage payments coupled with higher childcare payments, in addition to the normal range of daily bills are making life very tough for a lot of middle earning families, but naturally hidden behind mounting credit card debt. So much so that under Cameron’s last reign, families broke up due to the continued financial pressure and instead the separated parents moved into smaller homes in the PRS, with a split deposit in the bank for each of them, whilst again now hoping that prices do indeed crash, not least as their rent far exceeds their earlier mortgage repayments, but for now the p/t earner gets housing credits and childcare credits providing they work x hrs a week. Also, newer LLs around me positively welcome this nightmare proposal as a fair and decent thing to do for future generations, as its only a little bit of extra tax, but they have not been in the game 2 years let alone 20 years, so have yet to experience nightmare tenants or higher interest rates.

Ros I didn’t think about painting kitchen cupboards when I was sorting out a “repo” last year and instead had a local joiner replace the kitchen doors after scrubbing cupboards which had never seen the sight of bleach in their 10 years (so imagine my surprise this year when the new tenant actually moaned about the new doors not closing properly). I LOVE your idea of sharing cheaper practices, because as we all know you’re just caught up “in the thick of it” limited by time constraints. Have u considered claiming on your insurance for the cannabis headache? And I agree that HMOs/bedsits are now the future to keep this business viable and “family” homes will become a new luxury in the PRS with stiff rental increases to cope with the tax. Social housing which basically does not exist will become caravan / spare room guests as that is all the rent will afford. Connie I hope you have a lock on your bedroom door having read some of your earlier spare room lodger’s confusion!

Reply to the comment left by “Barry Fitzpatrick” at “09/09/2015 – 21:12“:

Indeed. A 1-2% CGT on PPR would yield a massive tax take in my opinion, as the cash-in-hand business ceases overnight because owners need receipts to offset improvement costs against such CGT.

Reply to the comment left by “Barry Fitzpatrick” at “09/09/2015 – 20:50“:

Another benefit will be that with a much higher declared income, 3yr 0% credit card providers will extend much higher limits to you. …i can do a lot with in excees of 100K at 0% for 3 years with just 2-4% as a one off set up fee! There are people that have run this at >200K for many years …all at 0% …could offset a few mortgages with that or flip a few with cash purchases, as one door closes others will open …or so experience has proven ! verb: to stooze

Reply to the comment left by “Accidental Landlord” at “09/09/2015 – 21:27“:

AL the only problem with your post is this bit :

“as its only a little bit of extra tax”

because that is not what it is at all is ?