8:30 AM, 23rd January 2019, About 2 years ago 8
Daily Mail article published last night, Click here to view the full article:
The article goes on to say:
“A deluge of taxes and an uncertain market has seen tens of thousands abandon the buy-to-let industry.
Existing landlords are offloading around 3,800 properties a month, Ministry of Housing figures show.
‘IT’S NOT WORTH IT ANY MORE’ – The Government announced a major clampdown on buy-to-let in 2015 amid fears landlords were pushing up property prices for struggling first-time buyers. First move was to deter new landlords by introducing an extra 3% stamp duty charge for anyone buying a property that was not their main home from April 2016.
The then Chancellor George Osborne also took steps to hit existing landlords’ profits with a series of stringent new tax rules.
Buy-to-let investors could previously shave 10% off the income tax they paid on rental earnings for ‘wear and tear’ to their property.
On top of this, they will soon no longer be able to deduct the interest they pay on their mortgage from the rental income they declare to the taxman.
PUSHED INTO A HIGHER BAND – Basic-rate taxpayers, thought to make up 80 per cent of buy-to-let landlords, are also at risk of being pushed into a higher tax bracket because they now have to declare all their rental income — including any used to pay the mortgage — on their tax return.”
The new editor at the Daily Mail seems to have significantly shifted the narrative in a different political direction for the paper on many subject areas.
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