Summer Budget 2015 – Landlords Reactions

I agree completely. I felt ill for months after the budget last year. The RLA and NLA have in my opinion been spectacularly useless and mealy mouthed. Thank God for forums like this one, run by people with some get up and go. I’m off to London tomorrow for discussions with a specialist tax advisor I found via Property 118. And I sent £150 to the folks organising the judicial review. When the going gets tough the tough get going.

Reply to the comment left by “Ros .” at “03/02/2016 – 12:41“:

Just … wow!

Would someone have any handy links to the profestional peole who have supported the landlord position re clause 24 I have various press reports including Lord Flight, but not any professors etc. I want to be fully armed and educated to see my MP this Friday. Hes already written to david Gaulk for me and we all know what a waste of time that is!!!

As a newbie and after reading the posts, it seems to me that there is lot of prejudice against private landlords, which gives a scoring ground to politicians. Existing trade bodies (I have not dealt with either) may have lobbied the government, but perhaps they have failed in lobbying/communicating with the media and the general public on the contributions of private landlords to the housing sector and to the community.

Perhaps we are in need of someone or a body that can communicate efficiently with the media and general public on our behalf? Omnia’s legal letter has generated some public interest, but perhaps there is a long-term need for an organised and sustainable media campaign. The feasibility of this is however bit tricky.

Reply to the comment left by “Rhys Jones” at “03/02/2016 – 18:23“:

Hi Rhys,

The below links might help:

https://www.property118.com/professor-speaks-out-against-landlord-tax-grab/83048/

http://www.moneymarketing.co.uk/tony-byrne-osbornes-absurd-alice-in-wonderland-b2l-tax-grab/

https://www.estateagenttoday.co.uk/industry-views/2015/12/property-ownership-is-fine–if-its-on-an-industrial-scale

http://www.thisismoney.co.uk/money/comment/article-3429083/DAN-HYDE-Tax-bosses-totally-lost-plot-cosying-corporate-giants.html

Reply to the comment left by “NW Landlord” at “03/02/2016 – 14:59“:

“What alarms me is how incompetent the man running our economy is that he even let this get so far it defies believe to be honest”

Surely not?

But he thinks he is doing do well!

I was going to a recent auction, interested in one of a couple of properties.

Not wishing to make a formal mortgage application for an outside chance, I made initial enquiries to mortgage a couple of commercial properties (both Indian restaurants, one liable to vat on rent, the other not) I own, to release cash to buy at auction.

So I wondering,

A) if I bought commercial property, I pay the old slab commercial SLDT unchanged by wonder boy George’s spiteful +3% SDLT hike?

B) Claws 24 would not affect the interest payments on commercial property, and I CAN deduct the interest as a legitimate cost?

So besides better returns, and not having to pay the insurance, and not having to do repairs, it would be a far better business model, even though the funds might be released for residential purchases, it is secured against commercial premises. Is this right?

Clever George.

Reply to the comment left by “Gareth Wilson” at “03/02/2016 – 19:03“:

Thanks Gareth

Reply to the comment left by “Rhys Jones” at “03/02/2016 – 22:41“:

I found this statement in Tony Byrne’s article particularly eye-catching…

“He [George Osborne] is fast alienating all sectors of society and this will be his ultimate downfall.”

Australia anyone ??
http://www.dailytelegraph.com.au/realestate/news/nathan-birch-owns-200-properties-after-buying-18-properties-at-the-start-of-2016/news-story/e2f4d0cb0802422fdc37238f73be2eea?utm_content=SocialFlow&utm_campaign=EditorialSF&utm_source=DailyTelegraph&utm_medium=Facebook

Reply to the comment left by “Stewart Jackson” at “03/02/2016 – 15:13“:

Hi Stewart, would you mind sharing the name and credentials of the tax adviser with me please. I am in the middle of exploring the section 162 incorporation relief route etc and have been in touch with one large group of tax advisers already but would like a second opinion before instructing someone. Furthermore, again it you don’t mind, I would be interested in hearing how your meeting went. I am of the opinion that the stakes are so high and environment so hostile that the use of a specialist tax adviser working alongside the day to day accountant, however competent, is essential. Anyone got Googles accountants telephone number ? I’ll swap my soon to be 50% effective rate on every single £1 I earn with their 2.6% rate any day – disgusting.