Monday, Nov 26, 2012

Property flipping master

Telegraph: George Osborne makes £400K profit on constituency home

The Chancellor, George Osborne, has demonstrated how to play the parlimentary expenses system by turning a £400K profit on his second home: "The farmhouse featured in The Daily Telegraph’s expose of MPs’ expenses in 2009 when it emerged that Mr Osborne had “flipped” his second home allowance onto the property and increased the mortgage. He took out a separate £450,000 mortgage on the Cheshire farmhouse in 2003 – reportedly guaranteed by his father Sir Peter Osborne, founder of the Osborne & Little wallpaper chain – and claimed £100,000 on the property between 2003 and 2009 on his MPs’ expensees." And the odds that this super flipper will fix our nation's finances are ... ?

Posted by quiet guy @ 08:48 AM (1405 views) Add Comment

11 Comments

1. Loneranger said...

Under 25's - little hope of work, no hope of owning a home, crippling university fee's, life burden paying off student loans = Life of Misery

Chancellor - £400k flipping property part funded by tax payer, secure high salaried employment, continued expenses on second home, primary property secure = Life of Luxury

'Remember.... we're all in this together!'

Discuss........

Monday, November 26, 2012 09:00AM Report Comment
 

2. mombers said...

Heartening to hear that he'll be paying CGT of 28% on his unearned gain. Pity such lovely tax rates don't apply to proper economic activity like working or running a business...

Monday, November 26, 2012 09:13AM Report Comment
 

3. happy mondays said...

But i'm sure he will hand it over - being the nice chap he is!

Monday, November 26, 2012 09:14AM Report Comment
 

4. mark wadsworth said...

Sounds like a job for Land Value Tax-man :-)

Monday, November 26, 2012 10:01AM Report Comment
 

5. timmy t said...

You're all in this together...

Monday, November 26, 2012 11:58AM Report Comment
 

6. hpwatcher said...

No wonder UK Government does not want a crash in house prices - they are all speculators...

Monday, November 26, 2012 12:34PM Report Comment
 

7. jack c said...

Do as I say not as I do

Monday, November 26, 2012 12:49PM Report Comment
 

8. jack c said...

and now this.........http://news.sky.com/story/1016241/vat-may-have-to-rise-to-25-percent-warns-ifs

Monday, November 26, 2012 12:52PM Report Comment
 

9. alan said...

"And the odds that this super flipper will fix our nation's finances are ..."

Not very high, methinks.

Monday, November 26, 2012 01:06PM Report Comment
 

10. mark wadsworth said...

Jack C comment 7, the IFS didn't actually say that VAT ought to be increased, but fair play to the government, if you are going to drag the economy down with high taxes on output and employment, then you might as well hike VAT, being the most damaging tax, first (because in relative terms, this benefits landowners and banks) and get it over with.

Monday, November 26, 2012 01:32PM Report Comment
 

11. Ajax23 said...

"We're all in this together" (unless your rich and priveledged then everyone else can go &*^% themselves)

Monday, November 26, 2012 04:03PM Report Comment
 

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