Monday, May 24, 2010
Landlords Don't Want to Pay
National Landlords Association: Capital Gains Tax Campaign
They have a twitter going saying that 1,500 landlords have already used their website to lobby their MPs. "The NLA is calling on the Treasury to recognise letting as a legitimate business and therefore include capital gains from the sale of residential property in the wide-ranging “generous exemptions”" But but but... The rental yields don't even cover our costs, so we NEED to keep capital gains.
Posted by ontheotherhand @ 04:59 PM (1094 views) Add Comment
10 Comments
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1. mark wadsworth said...
The "National Landlords' Association"??
Presumably their chairman said that the government would only be able to prise part of his capital gain out of his "cold dead hands"?
2. inbreda said...
really we should start a facebook campaign getting all renters and FTBs to ask the Treasury to make a special example of landlords by upping the CGT to 80%
3. Brit 1234 said...
Edited version sent :)
Monday 24 May 2010
Dear Recipient,
I am writing to you, as my local Member of Parliament, concerning a matter of considerable importance to first time buyers. You are likely to be aware that there is a great deal of speculation currently about the possibility of major reform of the Capital Gains Tax (CGT) system. This is based on the coalition agreement between the Liberal Democrat and Conservative Parties which implies that capital gains from non-business assets should be taxed at a similar rate to those applied to income. As a portential first time buyer I would like to congratulate you on this policy. It is some of the best news our generation have heard for years whilst priced out of the housing market. I am sure you are aware of the the detrimental effect speclative buy to let investors have had on first time buyers. They directly target first time buyer properties with their unfair tax advantages and price first time buyers out of the market. It is well known that mass property speculation was the was a significant part of the credit crunch yet these investors pay very little in way in tax. You capital gains tax plans seem the fairest and most logical to address our funding problems now. As a first time buyer I urge you not to cave in to support the National Landlords Association’s (NLA) campaign to drop the capital gains changes. They have many houses each we just want one.
Yours sincerely,
4. mystie010 said...
These blood suckers make me sick. They want someone else to pay them money for nothing and don't want to pay a fair tax on that free money that they are getting. A legitimate business my aR@se!
5. str 2007 said...
Couldn't put it better myself mystie010
6. icarus said...
The video guy distinguishes between landlords who are in it for the long haul (good) and those engaging in short-term speculation (bad). But if you're in it for the long haul you're not selling, so CGT isn't applicable.
7. tenyearstogetmymoneyback said...
If the rental yields covered their costs it would be time to buy.
I'm fed up of typing it but renting should be more expensive than buying due to all the
additional overheads.
8. This comment has been removed as it was found to be in breach of our Blog Policies.
9. mick rupert said...
Seems obvious to me in at least one respect: this equation is unbalanced; where is the National TENANTS Association? Hmm? A new union needs to be formed, in classical Marxist fashion, I think, to stand up for the rights for the rights-impoverished renters.
Those that choose to rent need representation, fair rents and the opportunity to call a home a home, irrespective of ownership! As a renter myself I suggest we start our own Twitter campaign to the same effect.
Serious question (albeit rhetorical): how does one commence the considerations for a Renters' Charter?
10. 51ck-6-51x said...
10y said, "renting should be more expensive than buying due to all the additional overheads."
- indeed.
I note that the comparison should be made to an interest-only mortgage.
i.e: interest-only payments + expected voids + maintenance - rent.
This paints BTL as a kind of basis arbitrage: if positive one would want to be able to go short BTL if one could, however the vast majority of market participants can only be long, flat or have a relatively small short (by renting their own abode).