RIP Scotland’s PRS?

RIP Scotland’s PRS?

0:01 AM, 21st April 2023, About 11 months ago 9

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Hello, As you will all know, being conscientious landlords, there is currently an evictions and rent freeze in Scotland since last year and will continue currently until September 2023 with the option of SNP and the Greens to continue it for a further six months. Although Harvie (Greens ) has let it be known he is feverishly working on something more permanent.

There may be a judicial review going to happen but that won’t have any affect till 2024, if any. The freeze doesn’t apply to the social sector or to the PBSA, only to the PRS.

In Scotland, the starting rate for higher tax is £43k, in England it is £50k.

Also in Scotland we have 7 tax bands: 0% (most of Scotland’s work shy SNP supporters), 10%, 19%, 22%, 42% and 48%.

The new First Minister has proposed putting up the two top tax tiers even more …

I have sold most of my properties with my two favourites left.

With the cost of everything going up for landlords, bank interest rates, service charges, tax 😑, the question is:

With this state of affairs and the proposed ongoing never ending tax increase, is it time not to only sell my rental properties, but to leave Scotland for good and move back to England or go abroad?

Let the UK and Scottish government sort their own mess out.

Thank you,

Ali


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Comments

moneymanager

12:29 PM, 21st April 2023, About 11 months ago

The lunatic is on the grass
The lunatic is on the grass
Remembering games and daisy chains and laughs
Got to keep the loonies on the path

The lunatic is in the hall
The lunatics are in my hall
The paper holds their folded faces to the floor
And every day the paper boy brings more

And if the dam breaks open many years too soon
And if there is no room upon the hill
And if your head explodes with dark forebodings too
I'll see you on the dark side of the moon

The lunatic is in my head
The lunatic is in my head
You raise the blade, you make the change
You re-arrange me 'til I'm sane

You lock the door and throw away the key
There's someone in my head but it's not me.

And if the cloud bursts thunder in your ear
You shout and no one seems to hear
And if the band you're in starts playing different tunes
I'll see you on the dark side of the moon

I can't think of anything to say except...
I think it's marvelous! Ha, ha, ha!

Great music, unfortunate lyrics.

Beaver

13:41 PM, 21st April 2023, About 11 months ago

Reply to the comment left by moneymanager at 21/04/2023 - 12:29
At present the UK subsidises citizens in Scotland and Northern Ireland via the Barnet formula. You can find details here:

https://en.wikipedia.org/wiki/Barnett_formula

The way things work out citizens in Northern Ireland get more per head than citizens in Scotland, and citizens in Scotland get more per head than citizens in England.

So English taxpayers already subsidize Scottish taxpayers. Now that Scotland is rid of Nicola Sturgeon's toxic administration I'm hoping that the SNP doesn't continue making a mess of things because it affects all of us. A young person (early twenties) recently said to me unprompted, "...who would have thought that a party with no opposition would have ended up corrupt".

I'm hoping the new Scottish first minister wakes up and smells the coffee.

Mr.A

15:07 PM, 21st April 2023, About 11 months ago

Unfortunately the "new minister "is and was Sturgeon 2.0 , he is actually even more Buissness illiterate, he wants to put up taxes even more , also they are thinking of a " wealth tax " on top of the Taxes .
Any thing the the Scootish government try and get away with without causing riots the English government will eventually bring in ie .hmo licencing , higher property taxs on landlords ,and the Classic "poll tax " it took riots in England to get that one scrapped.
May be we need some riots with the tenants and Landlords coming together, because it's a fact a lot of the rent increases have been due to the Government's meddling in the rental market .
It can only get worse for tenants if the government's don't stop interfering with the free market .

Beaver

15:23 PM, 21st April 2023, About 11 months ago

Reply to the comment left by Mr.A at 21/04/2023 - 15:07
I wasn't aware of the 'wealth tax' but I assume that you mean this proposal:

https://www.heraldscotland.com/news/homenews/23169152.new-scots-wealth-tax-rich-proposed-support-public-services/

Which says:

"Taken in conjunction with future wealth, land reform and property taxes, the Scottish Government can raise £3.3bn by 2026 under the current devolution settlement."

So the SNP is trying to raise an extra £3.3 billion from a population of 5.45 million, many of whom are poor.

Given the commitments they want to make on the environment, I'm not seeing a lot of extra money being raised from grouse moors, forests or grassland. So I think land tax reform means houses.

I can't see English taxpayers wanting to pay for all that extra money via the Barnet formula because Scotland already receives a subsidy. And I can't see any land being moved out of Scotland (unless somebody voted to move the border north). So if that's what's on the table I can't see anybody wanting to invest in buy-to-let in Scotland because any other wealth is going to have to come from residential property. After all, where else could they get it from? They can't raise corporation tax.

Mr.A

16:21 PM, 21st April 2023, About 11 months ago

Just read the article, sounds like a nightmare, for any one who has saved and has a bit of money .
Any one wealthy and able to leave Scotland will do so , these idiots must think they live in a vacuum, every action has a reaction and consequences.
It really is past time to scrap devolution and consign these 5th rate politicians Clowns to the dole heap ...

GlanACC

16:45 PM, 21st April 2023, About 11 months ago

Reply to the comment left by moneymanager at 21/04/2023 - 12:29Is that a flying pig I see, no its a prop from Pink Floyd

Reluctant Landlord

18:07 PM, 21st April 2023, About 11 months ago

While Queen Krankie was still in power I had friends who had fairly elderly parents in Scotland. They visited my friend, took a long hard look at the situation in Scotland....and promptly sold up and moved into England.
A rellie of mine was offered a place to study at Edinburgh Uni. Looked purely at the accommodation issue and bolted. Chose Bath instead.

Migration will only mean higher taxes for the ones that stay and the new guy seems not to have any clue or direction either.....

Jo Cark

21:59 PM, 21st April 2023, About 11 months ago

Reply to the comment left by Mr.A at 21/04/2023 - 15:07
Wasn't the Poll tax imposed on Scotland first and through protests in Scotland it was abandoned and never imposed on England?

Mr.A

11:03 AM, 22nd April 2023, About 10 months ago

No .
It was imposed in Scotland and the people did nothing except moan .
When it was imposed in England, there were riots .
Scotland has less than 5 million peeps , so any possible unpopular laws are tried out here first .
If they get away with rent control and eviction freeze in Scotland, they will introduce it uk wide .
We Landlord's should all support the judicial review to make sure this rent freeze and eviction ban is crushed .

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