12:10 PM, 8th September 2015, About 7 years ago 5
I had a very interesting discussion with a man last weekend who describes himself as an Innkeeper.
His establishment (three of them as he’s moderately successful) all sell beer, wines and spirtis as well as providing some letting accommodation. Therefore, he is ‘landlord’, albeit a different kind.
He thought the restrictions on finance cost relief were being unfairly applied to him. He is a sole trader, hence an individual landlord.
He couldn’t understand why his business was being singled out to pay more tax than the care home next door, or indeed any other business which doesn’t trade as a limited company.
Needless to say, he was very relieved when I explained to him that he was not affected by the proposed tax change and that it was only being applied to Buy-to-Let landlords. He was still baffled at why just one business sector was being singled out though, and said he had quite a few friends who invested into Buy-to-Let and that he suspects they are not aware of the Governments intentions.
Thankfully he had already signed the petition before I corrected his understanding 😀
You will find the rest of this story in the comments section below this article.
A Q&A sheet explaining the problem and the likely unintended consequences associated with George Osborne’s proposals can be downloaded here. Please feel free to copy, print, distribute.
To calculate the impact of this policy on your personal finances download this spreadsheet
A petition has been started – see >>> https://petition.parliament.uk/petitions/104880
Would you be prepared to invest just 15 minutes a day to campaign against the Budget proposals to restrict finance cost relief for private landlords?
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