Wednesday, Jun 20, 2007
More evidence we may have a BTL armageddon
Various: Calls for buy-to-let tax relief to be cut
Paul Diggory, president of the Chartered Institute of Housing (CIH): "Buy-to-let owners have a financial advantage over those trying to buy their first home, as well as pushing house prices even higher. We hope the new chancellor of the exchequer will remove this tax relief as part of the comprehensive spending review due in the autumn." Just for the records, mortgage interest expenses are a deductible expense on first homes in the US, where houses are seen as a family roof rather than speculation
Posted by confused76 @ 06:20 PM (131 views) Add Comment
1 Comment
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1. magnifico said...
Afraid to say I was one of the first people on this blog to call for more taxes on third and subsequent property ownership ( I regard the investment in a second property a prudent move in the present climate of pension uncertainty).
I was slated by some as a near hardcore Marxist. I'm happy to see a shift in perception.
I still remember that property porn program ' Houses under the Hammer' where I was saw a greedy BTLer with a portfolio of 90 ( that's Nine-zero) houses all rigorously on 100% mortgage.
I hope the Crash catches up with him.
0.5% rate rise next month, prices to significantly start dropping in the Autumn. Oh the swet smell of roasted chestnuts!