Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Nicholas Dickinson” at “28/04/2016 – 11:51“:

Nicholas- thanks for your input. If the whole portfolio is run jointly and husband is dealing with day to day enquiries/problems with the tenants however wife is doing things behind the scenes such as doing referencing, accounts, tenancy agreements etc.

How can this be evidenced?

Evidence could include things such as receipts claimed or payments made by wife. If everything is done through a joint bank account it is obviously harder to prove that one partner isn’t just passive, but if neither have another occupation it is equally harder to argue that only one of the owners is running the business . . . .

Hi

Arla’s members are mostly letting agencies whose clients are mainly private LL. I did phone up ARLA. The guy was very helpful and said it may be possible but I need to speak to another person.
The person to speak to is unavailable/out of office but is going to be back later. I have the details. Is it possible one of you out here speak to her and request emails are sent out with a link. Reason for this request from one of you is that you will be better at discussing/debating than me (as seen from the posts on this forum) I have received an email from Chris and steve to continue the work as we still need £200,000. Should I post the number and name here? Any volunteers? http://www.propertyindustryeye.com/stamp-duty-shock-was-attempt-to-bury-bad-news-on-immigration-claim
It is clear from this link that LA’s main clients are private LL so they will be supportive.

If we have already set up the Ltd company, is it our accountant we need to speak to about converting it into a partnership? Then what needs to happen in order to ensure the stamp duty isn’t payable. If it is a partnership do we have to be joint directors or can one be a director with equal shares.

S H. If you have already incorporated you’re onto the next stage of the journey! The partnership bit is what is required prior to incorporation if you are to avoid paying SDLT

Reply to the comment left by “Nicholas Dickinson” at “28/04/2016 – 17:52“:

It would have been nice to have been told this by somebody before we did it as everybody informed us that no stamp duty would be due before the 1st April, I’m really upset as I don’t have 13k extra as I have used every penny for Marks fee.

I have had to pull the plug as my bill would have been 58k and my friends would have been 245k totally unworkable I really believed it was expemt before April roll on JD

Don’t worry – you still did the right thing IMHO. You can’t create a partnership one day and then incorporate the next day. You would have to wait three years and who knows what the tax landscape will be like in three years time! This way you saved yourself 3% in SDLT by beating the 1 April deadline and so look on the bright side!

174k instead of 58k don’t see much bright side I have been in a partnership for 13 years but we split it and file separate tax returns we have joint everything think I may be able to argue the toss there

Reply to the comment left by “Eden Lan” at “28/04/2016 – 15:35“:

Hi Eden,

I recommend as many people as possible contact ARLA and strongly suggest this. We understand that some agents are still reluctant to distribute the website if asked by landlords, but may do if asked by ARLA. I happen to know the CEO well and have been in touch with him often throughout this campaign. He’s away at the moment but I will speak to him again on his return.