Second Home Owners Face Tax Squeeze On Holiday Lets

[The Masked Tulip]

Second home owners face tax squeeze on holiday lets

Tens of thousands of second home owners face a tax squeeze in a Treasury crackdown on holiday lets.

The tighter rules will end income tax breaks for those who occasionally rent out their second homes.

In future tax help for holiday homes will be slanted to help tourist businesses rather than middle-class owners who only let their properties from time to time.

Read more: http://www.dailymail.co.uk/news/article-1299031/Second-home-owners-face-tax-squeeze-holiday-lets.html#ixzz0vH4axaVi

[Mega]

Just been for a drive around Ormskirk hill.............7 YES SEVEN homes for sale in 1 small rural road!

Mike

[plummet expert]

So people from places like Devon and Cornwall might actually be able to afford to buy a place in the village they grew up in? Surely they can't allow such a thing!

Absolutely right! It has for many years been an iniquitous outrage that people could write off their losses on mortgage payments for 'holiday homes' against their PAYE income. All they had to do was arrange 10 weeks a year of lets ans then they could claim the rest of the mortgage against their tax bill. How unfair on the rest of the population. It has also made it impossible for locals by causing massive price rises. Look at Rock or Padstow - balmy prices which are 4 x about 15 years ago. Tiny cottages for hundreds of thousands which shoud be about £140k at most.

The only right thing Labour did in 13 years and in the last Budget was to put a stop to this. I wrote and said this is the only thing which they were right to do. Someone must have agreed.

[NEO72]

Read more: http://www.dailymail.co.uk/news/article-1299031/Second-home-owners-face-tax-squeeze-holiday-lets.html#ixzz0vH4axaVi

This might help kickstart falls on the Gower, no?

[The Masked Tulip]

This might help kickstart falls on the Gower, no?

One can but hope.

[Democorruptcy]

Absolutely right! It has for many years been an iniquitous outrage that people could write off their losses on mortgage payments for 'holiday homes' against their PAYE income. All they had to do was arrange 10 weeks a year of lets ans then they could claim the rest of the mortgage against their tax bill. How unfair on the rest of the population. It has also made it impossible for locals by causing massive price rises. Look at Rock or Padstow - balmy prices which are 4 x about 15 years ago. Tiny cottages for hundreds of thousands which shoud be about £140k at most.

The only right thing Labour did in 13 years and in the last Budget was to put a stop to this. I wrote and said this is the only thing which they were right to do. Someone must have agreed.

So if their shortfall between mortgage and rental income is £x they can claim 40% of it back as long as the house is let for at least 105 days?

Is there room for a scam?

I say am renting while really house sitting for 3 or 4 high tax rate payers with massive mortgages, switching between their houses. They pay me cash in hand as a wage as part of what they save in tax. I could even get the rent paid as housing benefit and inflate it to the most allowed.

[Flatdog]

So people from places like Devon and Cornwall might actually be able to afford to buy a place in the village they grew up in? Surely they can't allow such a thing!

That would be good..but I guess that 'they' and 'allow' tells the full story.

[South Lorne]

So if their shortfall between mortgage and rental income is £x they can claim 40% of it back as long as the house is let for at least 105 days?

Is there room for a scam?

I say am renting while really house sitting for 3 or 4 high tax rate payers with massive mortgages, switching between their houses. They pay me cash in hand as a wage as part of what they save in tax. I could even get the rent paid as housing benefit and inflate it to the most allowed.

...should be tourist oriented and accounts would be required...i.e. intended for promotion of tourism...