Btl Scum Regrouping And On The Offensive. -- Merged

[Society of fools]

I might also add that some aspects of British residency and the usual UK government services you cannot access as a non-Brit resident are seriously annoying. 

Anybody here tried to renew a British driver's license while officially being non-resident ? ?? Good luck with that. 

I asked the helpful people in Swansea, and they told me instantly that they would only issue me a new British driver's license if I declared myself as a British resident and signed off as such on the form. I asked them if I could declare myself as a British resident for a period of say, a week, just long enough to get a new 10 year driving license,after which I would depart the country again, but they told me not to be a smart-****. 

[Houdini]

23 minutes ago, Society of fools said:

 

He suspects the easiest explanation is the simplest one, there is a chip in your Brit passport, so the government knows when you've passed the Brit frontier to come into Britain. If they don't record your departure through a Brit frontier within 183 days, they alert HMRC. 

But it may also be as simple as HMRC tracking your spending if you have a British bank account. 

 

It definitely isn't passport tracking as there are no checks as you leave the UK. The first time my passport will be read by a computer tomorrow is at Schipol.

[spyguy]

48 minutes ago, Society of fools said:

It would not be easy.

I don't know what databases the Home Office scours to determine whether or not you are resident in the UK but they seem to be getting better at it. A friend of mine ( a Brit) who lived in Bolivia for 10 straight years working for a charity came back to the UK when his mother fell seriously sick. He did not announce to any UK government authority that he was living in the UK, and stayed with his mum at her house, he didn't rent anywhere, drove his mum's now rarely used car as transportation and used his brother in law's spare mobile phone to communicate. 

Within 6 months of his arrival back in London he received a letter from HMRC at his mum's address asking him to "clarify" his tax residency status. They used that address because his banking correspondence had been re-routed there and the banks helpfully told HMRC the address. 

He suspects the easiest explanation is the simplest one, there is a chip in your Brit passport, so the government knows when you've passed the Brit frontier to come into Britain. If they don't record your departure through a Brit frontier within 183 days, they alert HMRC. 

But it may also be as simple as HMRC tracking your spending if you have a British bank account. 

 

Did he get a job?

Theres no chip in your passport. Few passports are checked.

[Byron]

Dover checks all passports in and out.

[oatbake]

Been a while since I last flew but don't you hand passport over at the check-in desk? 

[Ah-so]

1 hour ago, oatbake said:

Been a while since I last flew but don't you hand passport over at the check-in desk? 

No - all digital these days. 

[regprentice]

1 hour ago, oatbake said:

Been a while since I last flew but don't you hand passport over at the check-in desk? 

Typically check in online so no passport at the check in desk (though they will check your passport if you have to check in for some reason, say abnormal baggage), otherwise passports should be checked when boarding at the gate though this is done visually and not electronically. 

[mrtickle]

5 hours ago, spyguy said:

Did he get a job?

Theres no chip in your passport. Few passports are checked.

There bloody well is a chip in mine in the back cover. Very highly visible. An RFID chip containing basic info in digital form including digital version of the photo.

Blunkett TRIED to get fingerprints included in the Biometric data, but thankfully he failed.

 

[Society of fools]

7 hours ago, spyguy said:

Did he get a job?

Nope, he's a Buy to Let investor. Has a couple of properties in Redbridge/Leytonstone. Our arguments over London property prices go back decades.

2 hours ago, mrtickle said:

There bloody well is a chip in mine in the back cover. Very highly visible. An RFID chip containing basic info in digital form including digital version of the photo.

I believe Mr Tickle is correct. The British passports issued since 2006 are biometric, meaning they have an embedded chip. Apparently this was done at the invitation of the US government, who said that this would make it much easier to use the US Visa Waiver program. 

[Society of fools]

5 hours ago, regprentice said:

Typically check in online so no passport at the check in desk (though they will check your passport if you have to check in for some reason, say abnormal baggage), otherwise passports should be checked when boarding at the gate though this is done visually and not electronically. 

I haven't set foot in the United Kingdom for 5 years, but in the Middle East, when you check in ( normal luggage) in places like Qatar or Bahrain, your passport is scanned electronically as well as visually. 

[Houdini]

12 hours ago, spyguy said:

Did he get a job?

Theres no chip in your passport. Few passports are checked.

There is a chip in your passport. One of the current projects I’m working on is for their manufacturer and has an explicit clause removing that department from the overall project 

[disenfranchised]

You've got to love HPC... a thread that starts with some cathartic BTL scumlord bashing and arrives 443 pages later at biometric passport chips.

[Society of fools]

2 hours ago, disenfranchised said:

You've got to love HPC... a thread that starts with some cathartic BTL scumlord bashing and arrives 443 pages later at biometric passport chips.

Hey, its all relevant.

Passport tracking = HMRC establishing residency= BTL investors getting smashed for tax rightly owed.

And we're all learning something in the process.

[SE10]

On 19/11/2017 at 6:34 PM, Byron said:

Dover checks all passports in and out.

And Heathrow, I've got an ePassport and I went through the gates out and in.

[Lavalas]

This isn’t Landlords fighting back but they’re so beaten these days there’s not much to say.

Here’s a Property Tribes thread on whether Landlords have been the cause of HPI. Some soul searching, some truth, lots of rubbish...

  https://www.propertytribes.com/are-we-to-blame-for-house-price-inflation-t-127631904.html

[Venger]

4 hours ago, Lavalas said:

This isn’t Landlords fighting back but they’re so beaten these days there’s not much to say.

Here’s a Property Tribes thread on whether Landlords have been the cause of HPI. Some soul searching, some truth, lots of rubbish...

  https://www.propertytribes.com/are-we-to-blame-for-house-price-inflation-t-127631904.html

Quickly read it a few hours ago. 

One of those BTLers seems to think shortage and more HPI++ because he's introduced others into joys of BTL, and so fewer homes for him to buy up (think he has 50 already) because he's up against other BTLers, and outbid by his BTL competition.     No mention of FTB/would-be OO as far as I could tell.

On 27/11/2016 at 5:28 AM, nome said:

For the last 2 years in my area BTLers have hoovered up just about every 2 bed terrace house that has come on to the market...

A couple of days ago i was very surprised to get a Rightmove alert that consisted of 5 x 2 bed terrace houses, all on the same 2 streets, some tenanted some vacant... quite obviously an LL offloading their "portfolio" (I hate that word, it's so HUTH!)

They're up for auction, so it's not even like they're putting them on for kiteflying prices and prepared to wait indefinitely to find buyers on the open market.

I just hope this is the start of something and not just a one off  freak occurrence

Similar here.  So much of that, but for many years... in the double-down especially from 2010, and with a fury from 2013.

We saw so many houses go to BTLers in Regional Forum, returning onto RM as rentals sometimes after a few weeks or within a year.

Then there's been flippers who've bought a house from inheritor (at price I couldn't afford), done it up (including naff gravel little driveway), but found someone willing to pay top whack. 

Last such flip sale I witnessed was to a GP.   Clearly didn't want the hassle of doing it up themselves, at £150,000 lower price the year before.  Strange.  So many also pulled in many buyers who have the bomad/inheritance, and the higher end positions.  A bubble can't pop until it pulls in just about everyone who will buy (imo).  Although all the global money too (which is too complicated for me to get full view on).

However the main thing has been the BTLers in my areas - for so many many years.  S24 amazing.  Danced into it.  Their astonishment and squeals about it being unfair !! 

Tax relief change - step into real world about matters of not-fair, from renter-saver side, vs all you BTLers, for so many many years.

[Houdini]

1 hour ago, Venger said:

Quickly read it a few hours ago. 

One of those BTLers seems to think shortage and more HPI++ because he's introduced others into joys of BTL, and so fewer homes for him to buy up (think he has 50 already) because he's up against other BTLers, and outbid by his BTL competition.     No mention of FTB/would-be OO as far as I could tell.

Similar here.  So much of that, but for many years... in the double-down especially from 2010, and with a fury from 2013.

We saw so many houses go to BTLers in Regional Forum, returning onto RM as rentals sometimes after a few weeks or within a year.

Then there's been flippers who've bought a house from inheritor (at price I couldn't afford), done it up (including naff gravel little driveway), but found someone willing to pay top whack. 

Last such flip sale I witnessed was to a GP.   Clearly didn't want the hassle of doing it up themselves, at £150,000 lower price the year before.  Strange.  So many also pulled in many buyers who have the bomad/inheritance, and the higher end positions.  A bubble can't pop until it pulls in just about everyone who will buy (imo).  Although all the global money too (which is too complicated for me to get full view on).

However the main thing has been the BTLers in my areas - for so many many years.  S24 amazing.  Danced into it.  Their astonishment and squeals about it being unfair !! 

I’m hoping (and half expect) tomorrow for the announcement that S24 will be followed to its logical conclusion by 2022. If it is I will pick up a bottle of whisky as I dash through schipol airport and give everyone a toast when I get home. 

The best thing is is that the announcement doesn’t need to be tomorrow, they can safe it 2 years and the effect will be the same. However with all bad news scheduled (for reasons both unknown and obvious, designed) to hit in April 2019 I half expect a btl surprise tomorrow

[ebull]

On 19/11/2017 at 4:58 PM, Society of fools said:

It would not be easy.

I don't know what databases the Home Office scours to determine whether or not you are resident in the UK but they seem to be getting better at it. A friend of mine ( a Brit) who lived in Bolivia for 10 straight years working for a charity came back to the UK when his mother fell seriously sick. He did not announce to any UK government authority that he was living in the UK, and stayed with his mum at her house, he didn't rent anywhere, drove his mum's now rarely used car as transportation and used his brother in law's spare mobile phone to communicate. 

Within 6 months of his arrival back in London he received a letter from HMRC at his mum's address asking him to "clarify" his tax residency status. They used that address because his banking correspondence had been re-routed there and the banks helpfully told HMRC the address. 

He suspects the easiest explanation is the simplest one, there is a chip in your Brit passport, so the government knows when you've passed the Brit frontier to come into Britain. If they don't record your departure through a Brit frontier within 183 days, they alert HMRC. 

But it may also be as simple as HMRC tracking your spending if you have a British bank account. 

 

These days you have to tell any bank where you are liable to tax. All banks in EU countries I think and maybe other countries but including UK will then report your interest income to HMRC / equivalent in each country you tell them you are resident. Possibly for most Brits with a British address they just assume UK residence and report. They also want your tax ref no for each country to make the reporting easy for them.

It goes beyond banks as well, I did it for a share dealing account in a eurozone country recently.

These systems started in the last couple of years. Whether they continue post Brexit is a different question, like everything.

The other suggestions are all a bit too 1984.

[ebull]

On 19/11/2017 at 4:45 PM, kibuc said:

I believe Busta is right.

https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss#rebasing

And here's the tax residence test:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/547118/160803_RDR3_August2016_v2_0final_078500.pdf

Yep he is right.

History of it all is informative:

Until it was changed, non-residents paid nothing at all. Even if you left one year before selling and had been resident whilst holding for the last 50 years. The requirement to stay away for 5 years is only a few years older too. Prior to that you could leave for a single year and release gains tax free, then return.

Why Cameron-Clegg [I think] changed it but only made them pay the gain for years since 2015 makes no sense to me.

Changing this would not bring in much though. Less would come to market.

What is needed is major overhaul. Full CGT if you refinance and MEW. No avoidance when inheritance avoids a transfer by holding assets in trusts [Duke of Westminster]. But also make CGT payable on gain after applying inflation index and at normal income tax rates. Would be fairer and flippers would pay more.

That lot would bring in something significant. None of it is complex, clearly they are choosing to borrow and pass the debt on to future generations.

[Tapori]

On 11/20/2017 at 3:05 PM, Society of fools said:

Hey, its all relevant.

Passport tracking = HMRC establishing residency= BTL investors getting smashed for tax rightly owed.

And we're all learning something in the process.

[oatbake]

So, it looks like rents are falling in real terms... Oh dear...http://www.propertyindustryeye.com/new-rental-measure-finds-uk-rents-have-gone-up-by-just-11-55-in-last-year/

[Si1]

Worth reiterating this desperate plea from Dickie Dyson a few months back, got barely noticed, I believe, on hpc:

 

Ten years after Northern Rock: bring back 100pc mortgages to 'fix Britain's housing market'

 

http://www.telegraph.co.uk/personal-banking/mortgages/ten-years-northern-rock-bring-back-100pc-mortgages-fix-britains/

[TheCountOfNowhere]

1 hour ago, oatbake said:

So, it looks like rents are falling in real terms... Oh dear...http://www.propertyindustryeye.com/new-rental-measure-finds-uk-rents-have-gone-up-by-just-11-55-in-last-year/

Not much goof when you dont get a payrise.  Rents still going up.

[Bland Unsight]

How to approach change with leveraged landlord logic:

1. It won't happen
2. OK, it's happening but it won't affect me
3. OK, it's affecting me badly but at some point later everything will be fine.

Latest thoughts on PRA SS13/16 from NW Landlord on PovertyLater:

Quote

Another massive issue for us battered portfolio landlords is this PRS. I didn’t think it would be that bad an issue but I’m wrong. In short anyone with over 10 will have no access to mainstream lenders at all, the days of PRS in individual names is dead the government has basically shut it it down and PRS is the final nail in the coffin. My broker said it is so challenging out there and individual portfolio landlords have little or no access to finance. We are buying in a limited company using these specialist lenders but they are basically all over the place we paid for 3 valuations 10 days ago and haven’t heard a thing. We have clients who buy property getting knocked back left right and centre aswell. My broker did give some positive news that product switch with mortgage works will be available so anyone with these keephold they are gold dust.
My prediction is a short period of turmoil while the market adapts as these mainstream lenders need to lend so I see a shift towards limited company in a grand scale
Anyone with 10 year mortgages with Mx may also have an issue I am exploring options with my broker as we speak and will report back but these in short will have to be put in a limited company to massive expense or sold.

Source (Emphasis added)

[Lavalas]

I’ve got a great fondness for the PRA, you see this chap has talked a lot about S24 and his portfolio. You gotta love the internet, huh. He’s got 70+ houses, a lettings business too, he operates with a couple of others who have even larger portfolios in his home town. He was very very worried by S24 but eventually incorporated via one of Busta’s ‘schemes’ and was immediately bragging about him and his chums buying up other landlord’s portfolios. Essentially hoovering up the stock that we are hoping will be on the open market.

And now we have the PRA working like a charm, and I can’t wait to hear what the issue is with MW.