Proposal to make BTL a time limited offer – Feedback requestMake Text Bigger
Once more I am after landlords’ views – this time about a proposal put forward by the Centre for Policy Studies. In a nutshell it is this:
‘What we propose, therefore, is that the Government should make every buy-to-let landlord in the country a time-limited offer. For one year, if they sell up, they will get a CGT rebate worth 33% of the tax they would have paid, plus (in the case of those with only one property) a cash bonus of £3,000. The buyer will get the remainder of the rebate, as the core of a deposit – up to 6.66% of the value of the property, with them having to put in the remainder. (This is, emblematically, similar to the discount on the original Right to Buy.)’
To view the full article in Conservativehome please Click Here
I am looking for you to answer the following questions, numbered as I have them numbered, in the comments section below and to also give any views you have on this.
I have already used the data collected from yourselves last week “Straw Poll to combat further government attacks – Please help” click here which should be published in an article next week. I will let you all know when it appears so that you can see how useful your help has been. So if you can help once more, that would be great.
- If this policy came in for the tax year 2020-21 would you be willing to sell any property (assuming you could get a buyer) under this scheme? (yes/no)
- How many properties would you sell?
- What do you estimate the capital gains tax liability would be? In the case of more than one property, give the average for one property (if you are a higher rate taxpayer this will be 28% of the gain – to make it easy use the total gain from purchase price to sales value, ignoring allowances etc. so if you bought it for £100,000 and the sales value is £200,000, the amount of CGT due would be £28,000)
- If you would sell, would it be likely that your current tenant would be the purchaser?
- If you would not sell, why not?
- What do you think about the idea (you may want to read the whole linked article before answering)?
Thanks very much for your help.
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