8.5%

[Pop321]

24 minutes ago, longgone said:

iF YOU WANT A CHEAP APARTMENT IN TOKYO, HE SUGGESTS, LOOK FOR SUICIDES AMONG THE DEATH NOTICES IN NEWSPAPERS: "IF SOMEONE KILLED THEMSELVES, THAT APARTMENT IS VERY CHEAP."

could be a savvy way to get a discount in London or other major city, presumably a bit of architecture too with exposed beams or balconies to be utilised. 

I remember one EA suggested to me that I was the type of investor (when I was an investor of course) who would struggle to open the front door because the still warm body was collapsed in the hallway against the door. And I would step over the deceased, view the property and make an incredibly insensitively rude low offer to the grieving family. 

I think it might have been a compliment 😆😆🤦🏻‍♂️

[longgone]

6 minutes ago, Pop321 said:

I remember one EA suggested to me that I was the type of investor (when I was an investor of course) who would struggle to open the front door because the still warm body was collapsed in the hallway against the door. And I would step over the deceased, view the property and make an incredibly insensitively rude low offer to the grieving family. 

I think it might have been a compliment 😆😆🤦🏻‍♂️

True investors would "Generate" forced probates just to plough in. 

pension day and over slippery pavements  Kerching. 

 

[the_duke_of_hazzard]

19 hours ago, bearishonhouses said:

Is it not the case that only the gain on his 'principal private residence' is tax free?   CGT is payable on the gains on the other two houses.

Also... central london property has nose-dived, hasn't it?

[scottbeard]

3 hours ago, TheCountOfNowhere said:

You buy 3....you live in one for 2 years....sell it. Move to the next one.  Live in it for 2 years. Sell it...Move to the next one.

You get the idea ?

BTLers and small developers have been doing it for years

That doesn't work - if you've only lived in it for 2 of the 10 years you've owned it, then only 2/10ths of the gains are CGT free.

You pay tax on (Price sold for - Price bought for) x ( time it wasn't your main home / time you owned it)

Look it up!

[scottbeard]

https://www.gov.uk/tax-sell-home

Private Residence Relief

You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:

• you have one home and you’ve lived in it as your main home for all the time you’ve owned it
• you have not let part of it out - this does not include having a lodger
• you have not used a part of your home exclusively for business purposes (using a room as a temporary or occasional office does not count as exclusive business use)
• the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
• you did not buy it just to make a gain

If all these apply you will automatically get a tax relief called Private Residence Relief and will have no tax to pay. If any of them apply, you may have some tax to pay.

[msi]

43 minutes ago, scottbeard said:

you did not buy it just to make a gain

That would be most of the market f*****d if they could enforce that

[TheCountOfNowhere]

1 hour ago, scottbeard said:

https://www.gov.uk/tax-sell-home

Private Residence Relief

You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:

• you have one home and you’ve lived in it as your main home for all the time you’ve owned it
• you have not let part of it out - this does not include having a lodger
• you have not used a part of your home exclusively for business purposes (using a room as a temporary or occasional office does not count as exclusive business use)
• the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
• you did not buy it just to make a gain

If all these apply you will automatically get a tax relief called Private Residence Relief and will have no tax to pay. If any of them apply, you may have some tax to pay.

Thanks for the update, it's been a few years since I've looked at this.  Did they change it ? 

 

From 2009:

https://www.taxinsider.co.uk/flipping-mps-how-to-avoid-cgt-on-your-second-home

There is one exception to this rule - if a property has been your main residence at any time during your ownership of it, then this exemption extends to the last 36 months before you sell it, even if in fact you have another main residence during that period.

The idea of the legislation is to take account of the fact that you may need to buy a new home before you manage to sell the old one, but it provides an opportunity for some useful tax planning.

If you have more than one “residence”, the law allows you to nominate which one is to be treated as your “main residence” for tax purposes and so enjoy the exemption from CGT. You must do this within two years of it becoming necessary to decide which is your main residence.

[TheCountOfNowhere]

https://www.unbiased.co.uk/life/homes-property/can-i-avoid-capital-gains-tax-on-my-buy-to-let-property

 

"Nominating a new main residence is a widely used practice to reduce exposure to CGT, but you should consult with your accountant before attempting this. The property must genuinely be your main home, and you’ll need to be able to prove it"

 

Best not get married and have one each

[scottbeard]

6 hours ago, TheCountOfNowhere said:

Thanks for the update, it's been a few years since I've looked at this.  Did they change it ? 

From 2009:

There is one exception to this rule - if a property has been your main residence at any time during your ownership of it, then this exemption extends to the last 36 months before you sell it, even if in fact you have another main residence during that period.

Yes I think they did change it - first from 36 months to 18, and now to 9.  Capital gains tax on property - Which?

But my example above is oversimplified, because you can still game an extra 9 months it seems using this trick: but that's rather less than 3 years.

7 hours ago, msi said:

That would be most of the market f*****d if they could enforce that

True (!)

[winkie]

On 18/02/2021 at 07:18, adarmo said:

About 1.38M usd.

[Roman Roady]

In case anyone is wondering how we have some form of HPI in such dire circumstances...here are the borrowing figures in terms the daily mail can print them...

https://www.dailymail.co.uk/news/article-9277537/Public-sector-debt-surged-300BILLION-April.html

That is £222billion more than was borrowed in the preceding financial year.

LOL!

 

I like the comments:-

Why do people say what he fantastic job this chancellor has done. Any fool can spend other people's money. The country is bankrupt....Amen to that.

So what. The central bank will just print some more money. ...Hence we have some HPI!

 

 

[TheCountOfNowhere]

8 hours ago, scottbeard said:

Yes I think they did change it - first from 36 months to 18, and now to 9.  Capital gains tax on property - Which?

But my example above is oversimplified, because you can still game an extra 9 months it seems using this trick: but that's rather less than 3 years.

True (!)

Thanks SB.  It does look much more difficult but not impossible to flip properties and some heft tax bills for the BTLers when they try and realise their gains.

[Flopsy]

18 hours ago, longgone said:

iF YOU WANT A CHEAP APARTMENT IN TOKYO, HE SUGGESTS, LOOK FOR SUICIDES AMONG THE DEATH NOTICES IN NEWSPAPERS: "IF SOMEONE KILLED THEMSELVES, THAT APARTMENT IS VERY CHEAP."

could be a savvy way to get a discount in London or other major city, presumably a bit of architecture too with exposed beams or balconies to be utilised. 

Newspapers don't report that someone died from a suicide in death notices normally. 

[derestricted]

On 2/17/2021 at 4:20 PM, Wayward said:

Many people aren't living in the house they wanted? They are living in what they can afford which for many is awful and making them sick.

Yup, that's what it will be for me. Been priced of what I wanted over the past few months so will just buy "what I can"

[longgone]

2 hours ago, Flopsy said:

Newspapers don't report that someone died from a suicide in death notices normally. 

They may do in japan. 

it would not matter over here if they did anyway.  i know a house the wife killed the husband in and made no difference what so ever. 

mass murderers sure like the west`s yes its unsellable. 

[Wayward]

3 minutes ago, longgone said:

They may do in japan. 

it would not matter over here if they did anyway.  i know a house the wife killed the husband in and made no difference what so ever. 

mass murderers sure like the west`s yes its unsellable. 

Grisly suicide with knife in house near me...it was rented out for while then sold at no noticeable discount...don't think buyers knew.  Perhaps still don't know, not sure something neighbours raise over the garden fence.  These events are soon forgotten.

I think very different in Asia.

[Unmoderated]

19 hours ago, msi said:

That would be most of the market f*****d if they could enforce that

Lol - but no. Most houses are not bought just (only) for a gain. They are bought to live in. 

[Si1]

3 hours ago, Unmoderated said:

Lol - but no. Most houses are not bought just (only) for a gain. They are bought to live in. 

Haha you need to chat with my mother in law.

[Will!]

On 18/02/2021 at 15:25, GenZ said:

Just put an offer in at 10% off asking, if acepted I'm going go ahead.  Buying in Manchester is much cheaper then renting.  I can only lose if i'm forced to sell,  i need somwhere to live and basically money is currently free to borrow at rates @ 1.35% and inflation at 1.6%.  In fact it's cheaper than free. 

 

The only way house prices are coming down is if I\R riase.  I can only see them going Japeneese 

 

But is Manchester dying?