Private landlords on tenterhooks bracing for yet another attack?

Private landlords on tenterhooks bracing for yet another attack?

10:31 AM, 9th February 2021, About 6 months ago 42

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Private landlords are on tenterhooks once more prior to the Budget, bracing ourselves for yet another attack. The rumour is that we are to be slammed with a massive increase in Capital Gains Tax. I have explained why this is so wrong on many levels and made some alternative suggestions in an article I was asked to write for a political website here. I would appreciate it if as many landlords as possible read it and gave it a positive rating (this may help me to get more similar articles published in the future).

Will Rishi dish landlords in his Budget — yet again? | TheArticle

In such articles, there is a word limit, so I couldn’t go into everything that has been done against us in recent years, so feel free to add anything about any of this here. For example, there is the big issue of Energy Performance Certificates, which I didn’t have space to mention. The idea that countless millions of homes can get a C rating on the EPCs by 2025 is a joke. The Government doesn’t seem to have a clue about the older buildings in the PRS and the huge amount of money that would be needed – and even then, it might be impossible to bring them up to a C.

I also could have mentioned HMO licences and the cost of them also and how the schemes are one big racket. Also, there are the Rent Repayment Orders – a landlord could rent out a beautiful house, at a cheap rate and with all health and safety measures at an excellent standard – but if they didn’t know they needed a piece of paper from the council and didn’t pay the £800 or so fee – they face paying back a year’s worth of rent on top of a £30,000 fine – and that is per property.

These punitive policies are a disgrace for a so-called Conservative Government. They are more befitting of a Socialist/Communist state.

We need the Government to have a positive vision for the sector, with incentives and fair taxes. That is how a Conservative Government should be behaving. Please pass this on to your MP, to the Treasury or to whomever you want. It all helps. Although of course, what we really need is an organisation which will take on these fights for landlords, preferably in the legal arena.



Comments

by Barbara Gwyer

12:31 PM, 13th February 2021, About 5 months ago

As a pensioner reliant on my rental income but currently in the process of divesting some of my portfolio I'm horrified that CGT might be replaced by taxation of profits though income tax. Seems to me that this government is only interested in big property developers, many of whom are also big Tory donors. Meanwhile, how many of those poor people stuck with massive bills for cladding issues were first time buyers who bought seriously overpriced new build flats under the Government's help to buy scheme? A lot of money has to be raised to help bail out this mess and as it doesn't look like it's falling on the developers, Rishi's easiest target it us private landlords isn't it?

by Seething Landlord

12:32 PM, 13th February 2021, About 5 months ago

Reply to the comment left by Derek t at 13/02/2021 - 12:10
There have been many posts with advice and video presentations about incorporation and other strategies on this site - click on the tabs along the top of this page for a start.

by Mick Roberts

6:27 AM, 14th February 2021, About 5 months ago

Great short to the point article Rose.

My notes on your EPC mention.

100% agree. And that's coming from I that has managed mine for 23 years, worked with tenants, have a lot of same tenants for 20+ years, & it used to be from about 2007, you'd have a new rule every 2 years the Govt or Councils used to bring in, so you'd have to go visit all your tenants, get some'at signed.
In 2020, it seems like new rule reg law being bought in every month to trip Landlord up. Letting Agent may be on top of this more with eager new staff abreast of the regs that keep getting chucked at us & they can have all the latest software to notify the tenants with proof.

Out of all my houses, I've got a lot of 1970's. And many of them are EPC rating D. And they have latest combi boiler, UPVC, loft insulation, I'm sure I have many E's.
So to get to C if anything more can be done, this is gonna' cost & who is paying for this? I can give tenant a brand new house if Govt wish, but we all know New-Builds cost more to buy & rent.
I think this C rating if comes in will be the final nail. I reckon supply will reduce then more than now, & remaining rents will rocket.

This Govt & Councils have made it much more expensive for tenants to rent. Roll on EPC rating C in 2025. Rents are gonna' rocket more.

by Derek t

11:09 AM, 15th February 2021, About 5 months ago

Reply to the comment left by David Price at 09/02/2021 - 14:33
What’s the best way to do this ? This is something we have discussed but dont k ow where to start thanks

by David Price

16:03 PM, 15th February 2021, About 5 months ago

Reply to the comment left by Derek t at 15/02/2021 - 11:09
See my comment at 12:08 PM, 13th February 2021

by Derek t

16:23 PM, 15th February 2021, About 5 months ago

Reply to the comment left by David Price at 15/02/2021 - 16:03
I did read it and replied yesterday many thanks I think it has too many hurdles with cgt and mortgages unfortunately

by Luke P

16:31 PM, 15th February 2021, About 5 months ago

Reply to the comment left by Derek t at 15/02/2021 - 16:23
Leave the mortgages in sole name…

by Derek t

16:36 PM, 15th February 2021, About 5 months ago

Reply to the comment left by Luke P at 15/02/2021 - 16:31
They are in joint names with my business partner would that work ?

by David Price

16:39 PM, 15th February 2021, About 5 months ago

Reply to the comment left by Derek t at 15/02/2021 - 16:36
As a partnership you should be able to incorporate without any tax liability - there are others on the site who have far more expertese in this than me.

by psquared

11:30 AM, 19th February 2021, About 5 months ago

Reply to the comment left by CazT at 09/02/2021 - 11:56
Hi. If cgt is increased it’s probably too late. Even if the implantation date is 2022 it means a large number of landlords may have the same ide...large numbers of properties going on the market at the same time by people desperate to sell before a tax deadline can only force prices down...I am sick to death of the way decent landlord providing decent homes are mercilessly punished and treated like we are scum.

I am prou to provide 60 odd people with good safe accommodation but I am weary of trying to jump through every increasing hoops an competing against live in landlords who have a 40% tax advantage over me where my rental income is taxed regardless of how much interest I pay on my mortgages.

Sorry just blowing off steam but I feel so frustrated by the inherent bias and unfairness shown against decent hardworking landlords who just want to have a level playing field


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