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They're Stealing Our Savings

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With a headline like that you would think it was an article about low interest rates... but it is a rant by second home owners and CGT!

http://www.express.co.uk/posts/view/176363/They-re-stealing-all-our-savings

ANGELA HELDER, 51, is a former model and lives in Bournemouth with husband Nick, 47, who works for a housing trust. They are trying to get a quick sale on land they own in Bothenhampton near Bridport in Dorset.

ANGELA SAYS: Nick and I have put our land up for sale this week at £250,000 for three-quarters of an acre with planning permission for a twostorey home. It was valued at between £275,000 and £300,000 but we want a quick sale in case the Government goes ahead with the capital gains tax increase.

We bought the plot in 2000 complete with a grade-II listed cottage and a barn. We renovated the cottage as our own home and got planning permission to pull down the barn and build a second home that would earn income as a holiday let and be a nest egg for retirement.

But before we could progress our plan I was diagnosed with acute .rheumatoid arthritis, which left me in so much pain I couldn’t open windows or climb stairs. In 2007 we had to sell our beloved cottage and move to a bungalow in Bournemouth. We kept the plot of land with a view to still building a second home.

Since the election we’ve realised it’s time to abandon our dream and put the land up for sale. If CGT does rise it will take a massive chunk of any profit we make.

I think it’s a good idea to raise CGT for people who buy and sell second properties to make a fast buck but the policy is so wrong for those like us who’ve invested long term as a nest egg.

More like that at the link.

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Economics 101 v2010

Savings = Capital gains on plot of land with building permission

What has the world gone to?!

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With a headline like that you would think it was an article about low interest rates... but it is a rant by second home owners and CGT!

http://www.express.co.uk/posts/view/176363/They-re-stealing-all-our-savings

More like that at the link.

Where is my mini violin. These sob stories are really heart rending.

I hope the Express adds some balance next week by focusing on some of our 'hardworking British families' who are mortgaged up to the eyeballs and crammed into tiny houses with both parents working all hours just to pay the mortgage and are in effect subsidising these middle class (boomers mostly) who for some inexplicable reason think that is somehow their right to get others to pay for the private education of their kids.

I have said it before but I truely believe that the greed that evolved around housing over the last 10 years or so is far worse and more socailly damaging than any of the so called 'greed is good' mentatility of the late 80's.

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Correct me if im wrong, but if they bought the land back in 2000, the rate of CGT back then was same as income tax, as it is proposed to return to? So they are getting exactly the same deal they originally thought they would.

Basically they are upset they didnt take advantage of a very short term change in the tax structure, and now feel they are 'owed'

Mental.

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I'm speechless by that. The most VI, ramping rag is so far up it's own house price inflation a*rse, only they could conjure up such a headline. It's even spinning it to make out it "will hurt decent, hardworking people who invested long term in a second property as a nest egg or pension pot." Everything that's wrong about HPI in that one statement.

Let them now squeal.

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With a headline like that you would think it was an article about low interest rates... but it is a rant by second home owners and CGT!

http://www.express.co.uk/posts/view/176363/They-re-stealing-all-our-savings

More like that at the link.

I like this quote "there are millions of hard-working people who don’t have phenomenal goldplated pensions like they do."

Says the man who is wanting to clear £100K profit from the sale of a second house which by owning no doubt helped destroy the local community in Cornwall as all the locals were priced out by greedy b*stards like him hoping to make a profit and "have lovely holidays there with family and friends" these people simply do not realise that they are as big a parasites (if not worse) as anyone else.

Personally I hope none of them can sell and prices drop significantly so not only do they have the extra stress from being unable to sell - whilst watching the prices drop - but they do not get as much equity as they think they deserve.

Borrowing to buy second homes/investments should never have been allowed. Its about time the pendulum swung back to those who actually need homes.

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biggrin.gif i just love to see these parasitic vermin squeal biggrin.gif

Don't be so glad, if I'm not wrong they represent a majority of the UK population.

They can and will influence government policy.

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Don't be so glad, if I'm not wrong they represent a majority of the UK population.

Who? Second home owners? They're in a majority?

Owner occupiers, yes but as yet I see no plans to 'steal' their savings apart from ZIRP.

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Who? Second home owners? They're in a majority?

Debt financed Ponzi gamers. The 'debtor class'.

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Owner occupiers, yes but as yet I see no plans to 'steal' their savings apart from ZIRP.

I should clarify: For the last 20 years most so called Owner occupiers haven't bought properties to live in them. They bought them to make capital gains via the property ladder.

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Correct me if im wrong, but if they bought the land back in 2000, the rate of CGT back then was same as income tax, as it is proposed to return to? So they are getting exactly the same deal they originally thought they would.

Basically they are upset they didnt take advantage of a very short term change in the tax structure, and now feel they are 'owed'

Mental.

Yes bang on this 18% rate has only been around for a very short time , the tax is just going back to what it was , I don't understand the walling from so many people.

In the Mail yesterday there was a piece on renting and a quote from one agent

" have they gone mad ? if this rise goes ahead many tenants could potentially be left fighting for properties as landlords are forced to sell"

Why would landlords be forced to sell ? just because the tax has gone back to what it was when they first bought ?

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Yes bang on this 18% rate has only been around for a very short time , the tax is just going back to what it was , I don't understand the walling from so many people.

In the Mail yesterday there was a piece on renting and a quote from one agent

" have they gone mad ? if this rise goes ahead many tenants could potentially be left fighting for properties as landlords are forced to sell"

Why would landlords be forced to sell ? just because the tax has gone back to what it was when they first bought ?

The Mail, the Express and other mental Tory papers all put their energies into conning the population to vote for the toffs. The idea is simple - the economy is screwed and someone must pay; let's make sure its the oiks. Get the oiks to vote for the toffs and all will be good. Sadly for the journalists and the likes of Rothermere the toffs didn't win and Cameron is not the tax-cutting rabid right wing loon that they had hoped for. The nutjobs in the Tory party are "under control" and (much to my incredulity) it looks like the government are going to have a stab at getting things back on track.

The party is over.

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No capital gain no tax to pay.....what's the problem, no pleasing some...crying because they made free money profits.

its hardly free money, they took an investment risk. If it was free they could have put it under the mattress and made the gains

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its hardly free money, they took an investment risk. If it was free they could have put it under the mattress and made the gains

Fair enough.....if they had put it under the mattress they would have lost money...but investments that grow far in excess of inflation often using borrowed money is not good for the community at large, so it is only right that excess profit are plowed back into the system so others can also benefit from it....if profits had not been so high the tax would not be so high.....people have to look at the overall picture, share their good fortune and get over it. ;)

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Fair enough.....if they had put it under the mattress they would have lost money...but investments that grow far in excess of inflation often using borrowed money is not good for the community at large, so it is only right that excess profit are plowed back into the system so others can also benefit from it....if profits had not been so high the tax would not be so high.....people have to look at the overall picture, share their good fortune and get over it. ;)

i have no problem with taxing the speculative aspect out of an essential & finite resource to oblivion. Im all for it in fact, was just highlighting that it wasnt free

Edited by Tamara De Lempicka

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i have no problem with taxing the speculative aspect out of an essential & finite resource to oblivion. Im all for it in fact, was just highlighting that it wasnt free

Well if I buy an asset, sit on it, do nothing with it, forget about it and it increases in value by £1k per month...to me that is free money. ;)

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Well if I buy an asset, sit on it, do nothing with it, forget about it and it increases in value by £1k per month...to me that is free money. ;)

To me its not, technically there is an opportunity cost of not having that money to do something else with that might or might not generate a better return

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To me its not, technically there is an opportunity cost of not having that money to do something else with that might or might not generate a better return

So what about those that are not in and will never be in a position to make choices like that.....money makes money to those in the know and so it goes on...the rich will get richer, if we let them. ;)

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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