Jeremy Hunt purchases BTL in name of Ltd co.
Jeremy Hunt, the Health Secretary, has been slammed in the papers for reportedly purchasing seven flats in Southampton in the name of a new limited company.
Karen Buck, Labour MP, told The Sun: “It’s shocking that while renters wait, seemingly forever, for any help from the Tories, the Health Secretary is spending his time buying up loads of properties to let. Surely Jeremy Hunt should understand how this looks at a time when both the NHS and housing are in crisis.
“You couldn’t get a better example of how the Tories are more concerned with looking after their own instead of supporting ordinary people.”
Mr Hunt’s spokesman said: “Jeremy and his wife set up the company as a vehicle through which to make charitable donations and no salaries or dividends will be taken from it for their personal benefit.”
This raises the question of hypocrisy on the one hand with the recent Tory party attacks on Landlords using Section 24 and Stamp Duty surcharges. Then on the other hand Mr Hunt just doing what all landlords are that continue to invest in the PRS by purchasing in a Ltd co. Then gaining business relief on mortgage interest as per standard taxation practices and providing more homes to rent within the PRS that many people cannot afford to buy.
The Apartments are said to be in the upmarket waterfront area of Ocean View Southampton.
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Member Since June 2014 - Comments: 1562
12:36 PM, 2nd April 2018, About 8 years ago
Quite right Mark.
Late night last night!
Member Since January 2018 - Comments: 59
10:35 AM, 3rd April 2018, About 8 years ago
Thanks Mark for pointing out Monty’s schoolboy error in thinking the CGT tax payable was 61% higher than it actually is.
I’m guessing he isn’t a tax advisor 🙂
Monty, why do I get the feeling that you are gunning for me?
Almost every post I make is followed shortly by you putting in your two penneth. It’s very amusing to see you in this light.
Stating that I’ve ‘bottled it’ just makes you look a little bitter and twisted.
If you had been on the financial journey I have been on these last 20 years in order to arrive where I am now – you would probably be quaking in your boots – believe me!
As for ‘boasting’, I am actually illustrating my situation in order to maybe help others here see that property is not the be all and end all. The golden years have long gone. We are quickly approaching massive turbulence – just wait and see.
I may be wrong, but I can definitely see a little of the green-eyed monster rearing its head in your posts.
I said that property hasn’t been my best decision. It has only been a fabulous one. On the other hand, my patience with equities has created a whole lot more – and has been off-the-scale success-wise.
It seems that maybe you are too far entrenched in property to make a go of anything else now – I totally understand that.
I can more than afford the luxury of forgoing the profits you talk of though. You seem to find that bit hard to grasp.
You seem to have a closed mind – probably the most expensive thing anyone can own.
Member Since July 2013 - Comments: 463
5:25 PM, 3rd April 2018, About 8 years ago
This Karen Buck sounds like a typical Labour MP with her manufactured outrage. Her “spending his time” slur implies that Jeremy Hunt has been buying these flats during his working hours as a minister, whereas in all probability he’s done it in the free time he has available as a private citizen. I wonder if she apologized after Hunt’s spokesman clarified that this is an investment for charitable purposes?
Member Since June 2014 - Comments: 1562
6:36 PM, 3rd April 2018, About 8 years ago
“I can more than afford the luxury of forgoing the profits you talk of though. You seem to find that bit hard to grasp.”
Yep, you’ve nailed it there Ken.
It’s not personal, it’s business. We do this to make money, a fire sale just doesn’t make financial sense.
I’m in a similar position, perhaps why it’s struck a chord. Really can’t understand why you’d put all the work/risk in and then just throw away a big chunk of your profit (whether you can afford to or not).
Horses for courses.
Member Since July 2013 - Comments: 205
5:19 AM, 4th April 2018, About 8 years ago
Reply to the comment left by Mark Alexander at 31/03/2018 – 21:54
‘The strongest will survive and thrive. ……’
‘The species that survive are not the strongest nor the most intelligent but the most adaptable’ Charles Darwin.
The long term consequences may persuade the government to see the errors of its ways (as it did re rent cap n regulated tenancies) but meanwhile we shall have to manage and adapt to survive or get out to another game.
‘The bottom of the market will be served by the crooks who provide gritty substandard accommodation. ……..’
‘He also serves who only stands and wait. ……’ John Milton.
The ‘crooks’ also serve a market need. There will be even more people without accommodations (grotty or otherwise) and the councils even more stretched if not for them. That’s what free market is about. Nobody is forcing anybody to do anything.
Before some idiots start shooting me down, the answer is no. I don’t operate at the bottom end of the market. I only do luxury simply because, whilst the yield may be lower, the top end is a lot more profitable in the long run, a lot less hassle, less time consuming and much more pleasant to deal with. However, I do see there is a value that these ‘crooks’ provide to society per se.
Member Since April 2017 - Comments: 23
1:25 PM, 7th April 2018, About 8 years ago
Reply to the comment left by James Fraser at 26/03/2018 – 11:48
Also sounds a lot like a remuneration trust scheme for the profits?
Member Since March 2015 - Comments: 1969 - Articles: 1
8:18 AM, 13th April 2018, About 8 years ago
Reply to the comment left by SimonP SimonP at 31/03/2018 – 16:31
And suddenly this blows up into a story…
Member Since February 2016 - Comments: 977 - Articles: 1
11:03 AM, 13th April 2018, About 8 years ago
Today on BBC Website:
http://www.bbc.com/news/uk-politics-43748513
Member Since February 2016 - Comments: 977 - Articles: 1
11:04 AM, 13th April 2018, About 8 years ago
Reply to the comment left by Whiteskifreak Surrey at 13/04/2018 – 11:03
Funny that it is enough for him to APOLOGISE. Nothing like that acceptable for the mere mortals, like us.
Member Since February 2016 - Comments: 977 - Articles: 1
1:27 PM, 16th April 2018, About 8 years ago
Not sure if this is the correct place to post that link, I have just seen it on Facebook.
The Admin, please feel free to move it elsewhere.
This article is so stupid that almost makes me laugh. I have never seen journalism at such low level:
https://www.theguardian.com/commentisfree/2018/apr/16/landlords-social-parasites-last-people-should-be-honouring-buy-to-let?utm_source=dlvr.it&utm_medium=twitter
I wonder if his opinion will apply to Jeremy Hunt too – hi might be interested in it