Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “BTL INVESTOR SCOTLAND” at “04/01/2016 – 09:38“:

Hi BTL I S

Thanks for the link.

When Lord Flight referred to offsetting the interest cost against an individual’s income he of course meant rental income only, not total income. By-to-Let interest is not deducted from any other income that a landlord might have – unlike the way MIRAS used to work.

Nor can Buy-to-Let losses be set off against any other income. A BTL property has to pay its own way. If it gives rise to a loss, the owner has to make good the loss out of other taxed income.

Landlords do not receive any tax “breaks”.

Deducting finance costs from rental income is not a tax relief – it is normal accounting practice everywhere, and for every business. That is why Lord Flight put “tax advantage” in inverted commas.

Disallowing finance costs for existing rental businesses is iniquitous and will be damaging for the economy. Rents will rise. Tenants in receipt of housing benefit who will not be able to afford the rises will be made homeless, and will have to be put in temporary accommodation in whichever part of the country it can be found, at greater cost.

Out of interest, what is the “temporary accomodation”?

If some accomodation becomes nonviable, there will presumably be a pressing need for temp accom, how would an existing portfolio need to be adapted to make suitable? (Obviously not be proper to re-house one’s own tenants, but LAs may need such)

If you’re yet to do so, please can you ensure that you Like and share the below Facebook page:

https://m.facebook.com/clause24/

This is to ensure that you receive and can respond to all possible updates concerning the Crowd Funding.

http://moneyweek.com/five-things-that-will-definitely-happen-next-year-and-five-that-just-might/

Some honest and logical comments (in the comments section) about what C24 is really about at http://www.estateagenttoday.co.uk/breaking-news/2016/1/stamp-duty-and-buy-to-let-tax-changes–put-your-views-to-david-cameron

It looks like it may be the only online media comments sections on the internet that the few usual suspects / 24-7-365 keyboard warriors @ HPC mob have not yet tried to hijack and manipulate (a time of writing this post anyway)?

Reply to the comment left by “Mark Shine” at “05/01/2016 – 23:23“:

What good intellectual comment in and on that article!

There will be less properties to rent next year, less the year after, and a real dearth by 2021.

Rent controls may be introduced, and almost certain to be by the other mob(s) if elected or they form a coalition. Apart from (challengeable) property confiscation, that will implode. Greater reluctance to offer ASTs.

If the only way to increase rents to minimise losses is to sell, that will further reduce choice, the new tenants will then have much more substantial increase in rent, and so on. Or the properties will be sold to those who can buy, at a discount, and where will the golden goose be, once the PRS LL is taxed to extinction?

Leading to lack of mobility, and tending to economic stagnation.

The extra 3% makes me lose any interest in adding to further rentals by refurbishing unsatisfactory accomodation. Let it rot, why hasn’t it been bought up by all these looking for homes? Every day new punters appear on homes under the hammer invigorating uninhabitable places. Why should they – when they feel the taxes bite?

The Telegraph has featured Lord Flight’s support for BTL.

http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/12082521/Tory-peer-condemns-his-partys-attack-on-buy-to-let.html

Yet again the anti landlord comments at the bottom are staggering I can’t read anymore

The hatred towards us has blown me away since I started on these forums

Reply to the comment left by “NW Landlord” at “06/01/2016 – 09:12“:

It’s just envy on their part for our ‘perceived wealth’

Although as a lower rate taxpayer, an Aldi shopper, and a ten year old car owner….I don’t feel particularly financially wealthy. Emotionally……..well I suspect I am far more wealthy than them.

Reply to the comment left by “Lisa S” at “06/01/2016 – 09:53“:

??