General Election 8th June – Who on earth do landlords vote for?

Take the quiz, but don't take the result too seriously
https://38degrees.ge2017.com/quiz?utm_source=&utm_medium=email&utm_campaign=blast2017-06-06

Reply to the comment left by "David Price" at "06/06/2017 - 13:06":

That gave me a smile. I don't think I'll be voting Green as they are the party who first came up with S24. Would love to know how it worked that out. Especially after being called a fascist parasite by Guardian readers 😀

Reply to the comment left by "Lindsey " at "06/06/2017 - 13:18":

You probably won't get Green if you don't select Environment at the end. I think the weighting distorts it a lot. I did it once with Tax, economy and environment selected and then again without Environment - all else the same. Got Green first and Tory second but what was more interesting was the huge change it the percentages across the board.

Labour = Death for Landlords
Labour have said that nobody earning under £80,000 a year will pay more income tax.

The current thresholds are
Basic rate £0-£33,500 @20%
Higher rate £33,500-£150,000 @ 40%
Additional rate £150,000 ~ @45%

So let's take a look at who pays tax (source: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/616435/Table_2.1.pdf ).

Payers of Tax in the U.K.
Basic Rate = 25,200,000
Higher Rate = 4,160,000
Additional Rate = 364,000

So are they raising the higher rate threshold to £80,000 or lowering the additional rate down to £80,000?

You know what that means for Landlords that pay tax under section 24, your additional rate threshold is already reduced to £45,500, before you pay tax on BTL mortgage interest.

That raises a few questions of where and who their spending plans will get funded from.

They also intend to replace council tax with a "Garden Tax" or Land Tax, that the OWNERS of land will have to pay.

It's rate is apparently starting at a rate of 0.3% of value, which is simply a ridiculous figure.
£300 on a £100,000 property in Merseyside vs £1500 for a £500,000 property further south, payable by the OWNER, not the occupants.

How would that affect you?

Discuss....

Scary stuff what the hell is going on in our country

The thought of Labour getting in is terrifying although I do think the Tories are focusing too many of their money generating strategies on the wrong groups. And the Tories are still trying to fix the mess left by the last labour lot so I think it's been a little unfair to bash them for the cuts they've implemented.

To be honest, I live in one of the Tory strongholds, Labour will never get in here, it's more likely to go to UKIP than Labour. Hardly worth me going to the polling station to be honest.

At the moment I'm veering towards Conservatives and the 'better the devil you know'. The young voters assume that the reason the pensioners vote Tory is because they're right wing when in fact they vote Tory because they've lived through the consequences of many a Labour government. Despite their ideals and 'one for all, all for one' policies Labour have never managed to find a way to pay for it all but maybe the labour voters need to experience it for themselves first.

And if Theresa May is happy to do a U-turn when she sees the proverbial hitting the fan then we've got a better chance of getting rid of Section 24 under the Conservatives.

Reply to the comment left by "Gary Dully" at "07/06/2017 - 11:08":

AccountingWeb suggests that it is an additional 45% band at 85,000 and 50% at 123,000 with the 40% band at 33,500. See http://www.accountingweb.co.uk/tax/hmrc-policy/a-labour-win-tax-possibilities

However, another article states" Those earning £80,000 or more a year can expect tax increases under Labour, with lower threshold for the 45p additional rate and a return of the 50p rate on earnings above £123,000. A new excessive pay levy has been suggested that would slap a 2.5% charge on earnings above £330,000 and 5% on more than £500,000." http://www.accountingweb.co.uk/tax/hmrc-policy/election-notebook-nightmare-on-downing-street

I despair when I watch the news. The sense of entitlement across the country is truly shocking. Not just the usual ne'er do wells/politics of envy but educated people who would have studied maths at school ! Pay rises all round, a shiny well funded NHS, sky rocketing minimum wage, new schools, 10,000 more cops, free uni education, 1.5 million still work shy bless them and on and on....meanwhile the potential terrorists in this country are nearly a third of our regular army ! JUST WHO DO ALL THESE PEOPLE THINK IS GOING TO PAY FOR ALL THIS UTOPIAN NONSENSE - oh yes, that's right the middle class again, they won't mind, 1% here, land tax there, why should their hard work and risk taking be rewarded ? Why not hit the companies too - jack up their Corporation Tax to frighten off employers just what we need with the challenges of Brexit around the corner. Unbelievable. Red Theresa and the faux tories are closet socialists but at least not Marxists. There is no sensible alternative for those who truly take responsibility and contribute rather than take.

Reply to the comment left by "Pamela Potter" at "07/06/2017 - 11:51":

Yes if the Tories form the next Government it looks like Hammond will get the boot. We might get a Chancellor with more integrity then - one willing to act honourably. ( I am an optimist)

I fear things are gettin closer