interestrateripoff Posted July 6, 2013 Share Posted July 6, 2013 http://www.telegraph.co.uk/finance/personalfinance/10163359/Taxman-gets-2bn-from-buy-to-let-surge.html The buy-to-let tax-take is up 13pc year on year, according to the latest available data, with the number of property investors standing at a record 1.9m.Accountants UHY Hacker Young, which produced the figures, warned that the popularity of buy-to-let has prompted HM Revenue & Customs to clamp down on the sector. A special taskforce has been established to tackle property tax cheats, according to Hacker Young. It predicts HMRC will become “far more aggressive in pursuing undeclared rents and disposals”. Latest data from a range of sources confirm buy-to-let is at the vanguard of the housing recovery, with existing landlords enlarging their portfolios and new investors joining the sector. They are helped by low mortgage rates, driven down in part by the Government’s Funding for Lending initiative. And when property investors own all the property???? Quote Link to comment Share on other sites More sharing options...
TrevorS Posted July 6, 2013 Share Posted July 6, 2013 And when property investors own all the property???? They will party like it's 1899. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 6, 2013 Share Posted July 6, 2013 And when property investors own all the property???? Prices can be allowed to fall without hurting "hard working families" and losing votes. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 6, 2013 Share Posted July 6, 2013 Where's that picture of the snake eating its own tail when you need it? Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 6, 2013 Share Posted July 6, 2013 If you tolerate this, your property will be next... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 6, 2013 Share Posted July 6, 2013 Excellent news, renters not only buy the landlords' properties for them and their lazy, do-nothing lifestyles....but also an increasing amount of tax to the government (via their landlord). Well not really. The renter pays rent for the roof over his head and the landlord pays tax on his profits. The big tax windfall will be from penalties imposed on the landlords who have not been correctly declaring their rental income, they were never going to get away with it, with a captive audience why would HMRC start checking the tickets before the theatre was full? Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted July 6, 2013 Share Posted July 6, 2013 If houses were cheaper, perhaps more homeowners would own their own homes outright with no tax due to anyone. Are you suggesting the landlord's profit does not arise from payments received? Hang on, it could really work. The people who owned their homes, would have more disposable income, which they could spend on goods (like plants grown in a local nursery and sold at a local garden centre) and services (like dry-cleaning, pubs and restaurants). The HMRC could could collect PAYE on all the earned income and VAT on all the sales. The local council could collect business rates from all the local businesses. We could call this whole mutually advantageous process of trade and exchange "the economy". Just imagine... Actually, screw that, let's just take out massive loans and try to outbid each other on the crap houses Quote Link to comment Share on other sites More sharing options...
winkie Posted July 6, 2013 Share Posted July 6, 2013 If you tolerate this, your property will be next... Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 6, 2013 Share Posted July 6, 2013 Well not really. The renter pays rent for the roof over his head and the landlord pays tax on his profits. The big tax windfall will be from penalties imposed on the landlords who have not been correctly declaring their rental income, they were never going to get away with it, with a captive audience why would HMRC start checking the tickets before the theatre was full? Broadly in agreement Also makes sense to reel in the tax while the landlords can still afford to pay it, before the relentless drip drip of falling housing benefits income and slowly rising interest rates suck them dry over the coming decade Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted July 6, 2013 Share Posted July 6, 2013 ~24Bn spent out a year on Housing Benefit and ~2Bn back from BTL in Tax. Wow, what a bargain for the Tax payer! I'd be surprised if it's even as much Tax as that all told, after all the other props and subsidies. Still a huge net drain on the countries finances. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted July 6, 2013 Share Posted July 6, 2013 http://www.telegraph.co.uk/finance/personalfinance/10163359/Taxman-gets-2bn-from-buy-to-let-surge.html And when property investors own all the property???? .....the Telegrapper states "They are helped by low mortgage rates, driven down in part by the Government’s Funding for Lending initiative"....but this funding applies to OO's only ...therefore this is not possible.... Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted July 7, 2013 Share Posted July 7, 2013 They will party like it's 1899. Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted July 8, 2013 Share Posted July 8, 2013 I wonder how much tax receipts have dropped from tax on interest from savings accounts. Seems odd that that's never mentioned in the media Quote Link to comment Share on other sites More sharing options...
(Blizzard) Posted July 8, 2013 Share Posted July 8, 2013 ~24Bn spent out a year on Housing Benefit and ~2Bn back from BTL in Tax. Wow, what a bargain for the Tax payer! I'd be surprised if it's even as much Tax as that all told, after all the other props and subsidies. Still a huge net drain on the countries finances. All land rent is a state handout. Landlords paying tax is like the queen paying tax. Quote Link to comment Share on other sites More sharing options...
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