Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “Simon Hall” at “09/11/2016 – 08:38“:

Hi Simon

In fact the end result will not be the same. If excess finance costs could be deducted from the following year’s profit they would automatically reduce the tax payable for that second year.

However there is no guarantee that under S 24 one year’s excess finance costs will have any effect on the following year’s tax. That depends on the the deemed profit, the total income (less exclusions) and the finance costs of the following year.

We must get explanations of S 24 exactly right, otherwise we just add to the existing confusion.

Reply to the comment left by “Appalled Landlord” at “09/11/2016 – 11:36“:

I think you are going over the top, if you ask my honest opinion.

Reply to the comment left by “Simon Hall” at “09/11/2016 – 15:02“:

How is giving an accurate explanation ‘going over the top’?

Reply to the comment left by “Simon Hall” at “09/11/2016 – 15:02“:

Hi Simon

I am trying to prevent confusion as to how S 24 will operate, which is why I replied to your remark. You put the onus on me to do so by asserting last night that I would concur with what you wrote.

http://www.moneyobserver.com/opinion/autumn-statement-u-turn-pipeline-landlord-tax-relief
“Is an Autumn Statement U-turn in the pipeline for landlord tax relief?”

Gavin Barwell’s latest comments in Parliament:

‘We expect all landlords to understand and comply with their legal responsibilities and the majority do so, providing decent and well managed homes. We want to support these landlords and avoid placing unnecessary burdens on them. We encourage landlords to improve their knowledge and professionalism, including their understanding of their legal responsibilities, by becoming a member of a landlord accreditation scheme, such as those run by the landlord associations or many local authorities. In addition, we have published guidance for landlords on, for example, their responsibilities under the Housing Health and Safety Rating System, which was introduced by the Housing Act 2004. A small minority of landlords exploit their tenants, placing them in unsafe and unsuitable accommodation. The Government is determined to crack down on these rogue landlords who have no place in the sector.’

Uh, Gav – what about the ‘burden’ of a potentially infinite tax rate then? Hardly ‘support’ for decent landlords. If anyone wants to write to him about this, now would be as good a time as any.

Reply to the comment left by “Simon Hall” at “09/11/2016 – 17:15“:

Simon – I am not so sure; did you see that?
“Looking at other regulatory issues, the industry has low expectations of Chancellor Philip Hammond reversing the decision of his predecessor George Osborne to reduce mortgage interest tax relief for landlords. Three quarters of lenders expect these plans to come to fruition, along with 52% of brokers.”
http://www.propertywire.com/news/europe/lenders-brokers-call-cohesive-uk-housing-policy/?utm_source=Property+Wire+News&utm_campaign=382b761917-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_cb0fe1dd73-382b761917-107788449&goal=0_cb0fe1dd73-382b761917-107788449

We all know what Clint Eastwood said in Dirty Harry about opinions there like axx holes everybody’s got one ?

Reply to the comment left by “Whiteskifreak Surrey” at “11/11/2016 – 09:04“:

I will take this with pinch of salt. During last Election, as you may recall, everyone one thought including all surveys and statistics that Ed Miliband would become PM. Result = David Cameron.

Similarly all statistics favoured Hilary Clinton over Trump Result = Trump.

Remain was favoured over Brexit! Result = Brexit.

Moral of story is nobody knows we can only hope for best. One thing we know for sure that this country is in dire shortage of rental properties so when supply completely dries up the government will be left with No choice but to reverse their plans.

These plans were originally placed to control the pace at which house prices were rising to eliminate the risk for financial institutions who were giving out Mortgages as per Mark Carney’s notion. Since house prices are now running at rather subdued pace, I would expect it won’t be long before government will see some sense and reverse these policies.

Proof that Dr. Ros’ report is worth sending even if you have been in contact with your MP and received the standard reply:

Dear Rachel,

Many thanks for getting in touch again about this to outline your further concerns.

I note from this https://www.property118.com/budget-2015-landlords-reactions/76164/comment-page-902/#comments your keen interest to meet up with Grant to discuss all this in more detail. Grant would certainly be happy to do this.

With this in mind would 4.30pm on Friday 16th December work at all for you? I appreciate this is still some way off but sadly it’s the first time available in Grant’s diary.

With kind regards

Nicholas

Nicholas Langley
Office of The Rt Hon Grant Shapps MP

When is the Autumn statement?