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12/09/2016
We are now ready to begin legal action on behalf of Property118 Action Group members affected by the Bank of Ireland decision in 2013 to increase the differential charged on their tracker rate mortgage products. Many of those affected by the sudden increase in their mortgage payments, despite there being no increase in the bank base… Read more
21/07/2016
Bank of Ireland and Skipton Building Society are both relying on “exceptional circumstances” to justify ripping of mortgage borrwers for more interest than they are due to pay. In recent statements to Mortgage Strategy magazine the lenders reacted to the Property118 Action Group Court of Appeal WIN against The West Brom:- A Skipton spokesman said:… Read more
08/06/2016
In this article we reveal the detail of:- The history behind our legal action against West Bromwich Mortgage Company The Court of Appeal ruling and the knock on implications Other legal action campaigns we would like to take on as representative actions Details of the Property118 business model moving forwards Our business plan How Property118 intends to… Read more
08/04/2016
For those new to buy to let and considering the letting of their current home, in order to buy another for themselves (usually at a higher price) there is a way to avoid the 3% SDLT surcharge on the more expensive property by following this strategy. Create a new limited company and sell your current… Read more
05/04/2016
The ability for landlords trading as partnerships to avoid CGT and SDLT at the point of incorporation is clearly written in legislation. You just need to know where to look to find the information and to employ the services of an experienced tax adviser to claim the various allowances for your business. Details of incorporation relief, which can… Read more
16/03/2016
Budget 2016 has put massive pressure on landlords who have been considering incorporation following George Osborne’s announcements in the Summer 2015 Budget which restricts finance cost relief for individual landlords. My message to all landlords who have been considering incorporation is a crude one – it’s time to piss or get off the potty! If… Read more
21/11/2015
I was horrified to read a prediction on the highly credible Accounting Web that s162 tax relief used to mitigate CGT when incorporating a property letting businesses could be a victim of George Osborne’s Autumn statement next Wednesday (25th November). If the Chancellor does make such an announcement those landlords currently looking to incorporate can but hope… Read more
18/11/2015
18th November 2015 may well be marked in history as the beginning of the end for most private buy-to-let landlords. Restrictions on the amount of financing costs which can be deducted by individuals, partnerships, trusts and personal representatives when calculating their income from a property business are included in the Act (s 24). The amount of… Read more
11/11/2015
GENERAL GUIDANCE If you have been retaining profits after paying the higher rates of income tax then you have probably been paying more tax than necessary. IS TAX AVOIDANCE LEGAL? The law regarding tax avoidance was clarified nearly 80 years ago. In 1936 a landmark legal case was heard in the House of Lords… Read more
08/02/2015
Letting a property on a 3 of even 5 year contract to the local authority may seem like an attractive idea for some landlords. As well as helping to ease the chronic public sector housing shortage, the landlord benefits from a guaranteed rent paid into their account every month without fail for the period of… Read more
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