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Fletcher

UK landlords will claim £16.7bn back despite govt tax changes

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2 minutes ago, Fletcher said:

https://www.mortgageintroducer.com/uk-landlords-will-claim-16-7bn-back-despite-government-tax-changes/

Eek!  Not a happy read for the HPC crew. But it is what it is. 

Interestingly enough, this article has been picked up by PropertyTribes.

its got them in a bit of a fluster. They don’t like the fact that a fellow property insider has highlighted the fact that landlords still get relatively generous treatment and fear it will result in an expansion of S24 (which they call S24b)

 

 

https://www.propertytribes.com/headlines-like-this-could-bring-s24-b-t-127632478.html

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It always makes me chuckle when they call it an industry.

 

And what a complete arsehole that Jonathan Clarke is, serving an eviction notice on someone because they lost their job and claimed LHA? No mention that the tenant was actually in arrears.

 

Quote

Sec 24 is enough pain for now . They cant risk a house crash . Natural slowdown is acceptable 

They will see how the effects of S24 pans out first before even contemplating any further measures

S24 is still in its very early days. It cannot be even evaluated yet to justify expansion or retraction

By April 2019 we might  have some hard stats on the effects

Evictions are  rising and homeless stats on an upward trend . These will get worse in my view

Sec 24 / UC / LHA freeze / PRA / HB Caps / EPC regs etc will all contribute and take their toll

The rebel MP`s will likely double / treble in numbers when their evicted constituents keep knocking at their door

They dont want to lose their seats so they will keep the pressure up on government to temper their stance

They wont be able to build replacement housing fast enough to house evictees

I served yet another Sec 21 yesterday . Guy had a job - lost it through no fault of his own

LHA rate in the old days would pay the rate but now its £200 pcm behind market rate so not sustainable

Decent 33 yr old man and 7 year old daughter on the streets or in B&B  20 miles out of town . Not good

Sec 24B is a long way off in my view

 

Edited by spacedin

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this isn't news...

btl in personal names forced ll to transfer to ltd co

removal of wear and tear allowance replaced with actual cost

tax breaks are the same as they were except the treasury made a tidy sum in sdlt on transfer and cgt 

my feelings are that once all the properties are moved to ltd companies having attracted all that lovely stamp duty etc for the treasury, then Mr Hammond will remove the mortgage interest expense that they can  offset against profit, repeating section 24 but for ltd co this time, then Mr h will reap even more stamp dudy when the landlord literally poop themselves and sell up in their millions

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So just to confirm, estate agent who income relies on selling homes to investors (because OO are not buying) is telling investors that things are still rosy? Meanwhile we say it's going to be hell and investors are writing letters to anyone who will listen (and many who won't in Dr Ros' case) because they know it's going to get messy.

Sure, I know who I believe! And it's not the salesmen trying to claim what they're selling is super-dooper-great!

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1 hour ago, crazypabs said:

 

my feelings are that once all the properties are moved to ltd companies having attracted all that lovely stamp duty etc for the treasury, then Mr Hammond will remove the mortgage interest expense that they can  offset against profit, repeating section 24 but for ltd co this time, then Mr h will reap even more stamp dudy when the landlord literally poop themselves and sell up in their millions

if i was chancellor that is what i would do. make them jump through hoops to pay tax then execute them, ready for Ftb`s to pay more duty after a crash. 

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2 hours ago, crazypabs said:

this isn't news...

btl in personal names forced ll to transfer to ltd co

removal of wear and tear allowance replaced with actual cost

tax breaks are the same as they were except the treasury made a tidy sum in sdlt on transfer and cgt 

my feelings are that once all the properties are moved to ltd companies having attracted all that lovely stamp duty etc for the treasury, then Mr Hammond will remove the mortgage interest expense that they can  offset against profit, repeating section 24 but for ltd co this time, then Mr h will reap even more stamp dudy when the landlord literally poop themselves and sell up in their millions

Ooh let's hope so. 

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7 hours ago, crazypabs said:

my feelings are that once all the properties are moved to ltd companies having attracted all that lovely stamp duty etc for the treasury, then Mr Hammond will remove the mortgage interest expense that they can  offset against profit, repeating section 24 but for ltd co this time, then Mr h will reap even more stamp dudy when the landlord literally poop themselves and sell up in their millions

Hope so-would send out a big message that btl is dead. 

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Pretty gormless.

EA publichses article highlighting where UKGOV can go after more revenue.

The S24 tax changes have been popular with most of the population. Anyone who thinks thats its for LL is smoking crack.

Besides the fun starts now with LL trying to refinance where the proprty does not meet the PRA rules.

 

 

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10 hours ago, crazypabs said:

this isn't news...

btl in personal names forced ll to transfer to ltd co

removal of wear and tear allowance replaced with actual cost

tax breaks are the same as they were except the treasury made a tidy sum in sdlt on transfer and cgt 

my feelings are that once all the properties are moved to ltd companies having attracted all that lovely stamp duty etc for the treasury, then Mr Hammond will remove the mortgage interest expense that they can  offset against profit, repeating section 24 but for ltd co this time, then Mr h will reap even more stamp dudy when the landlord literally poop themselves and sell up in their millions

If a LL had the cash and sense to use a Ltd CO. theyd have used it from the start.

The reason P118 own BTL in person/individual is because they dont have a pot to p1ss in and a gormless bank lent them the money.

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15 hours ago, SOLZHENITSYN said:

Interestingly enough, this article has been picked up by PropertyTribes.

its got them in a bit of a fluster. They don’t like the fact that a fellow property insider has highlighted the fact that landlords still get relatively generous treatment and fear it will result in an expansion of S24 (which they call S24b)

 

 

https://www.propertytribes.com/headlines-like-this-could-bring-s24-b-t-127632478.html

sending the original link to the new Housing Minister, Dominic Raab, would be a good way to welcome him to his new government responsibility 8-)

dominic.raab.mp@parliament.uk.

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  • 407 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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