Taxed and regulated to death by clownsMake Text Bigger
The UK now has such a plethora of Regulations that doing business in any sector of the economy is becoming a Task. As regards taxation, the UK has the highest property taxes in the developed world. (source The Telegraph).
We are taxed and regulated to death. This nonsense is to be expected from Comrade Corbyn and Co, but let us be clear we can thank the Tories as well, for driving free enterprise over a cliff. Remember Chancellor Hammond and his Flawed Nat insurance tax for the self employed?
The current crop of politicians are useless. Brexit looms and the rich 1% pay a quarter of all taxes (source the FT).
There are over 100 acts of parliament giving rise to 400 regulations pertaining to the private rented sector. That was not enough, the clowns then weighed in with Selective licensing, Tenancy deposit laws, EPC regs, Section 21 restrictions to name but a few more pieces of restrictive legislation all in the name of protecting tenants. Yes thanks to this garbage rents are already rising (source RICS). Tenant protection,definitely not.
Back to Taxation. The top 10% pay 60% of the tax collected (source FT), but that is not enough. There is talk of further tax rises to fund the NHS. I recently spoke to an NHS auditor who concurred. It is not more cash or higher taxation that is needed, but pragmatic business like reforms which need to be implemented to save the Service.
For the reader unfamiliar with our property tax regime, and considering becoming a landlord. Consider this:
- You will pay a Stamp duty penalty at purchase
- Next comes Council tax while you look for a tenant
- Then pay another tax to your local useless council to allow you to rent your own property
- Pay HMRC tax on the rent including tax on the gross rent without any deduction for your finance costs
- When you sell up pay capital gains
- When you die your kids will be taxed on your estate.
The clowns do not get it. They march on taxing and regulating.
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