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Realistbear

Nu Labour About To Punish B T L With Tax Swoop

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http://www.thisismoney.co.uk/mortgages/buy...p;in_page_id=56

Taxman to swoop on buy-to-let
Rashid Razaq, Evening Standard
29 May 2007
Landlords could be in line for thousands of pounds of extra tax bills in a Government clampdown on the buy-to-let sector.
HM Revenue & Customs will target tens of thousands of property ownerswho have failed to declare rental income or capital gains made from sales or claimed too much tax relief.
Revenue officers will be given powers to impose financial penalties which can be backdated six years and equal the value of the unpaid tax plus interest.
The hardline approach could see many small-scale landlords forced to sell as the tax bill could equate to more than the value of the property.

What with HMO regs, higher taxes, falling yields, rising IR and a HPC it would seem that BTL is dead as a viable investment.

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it's the

"Landlords will face a capital gains tax of more than £4.1bn, or an average bill of £48,600 based on 2006 house prices, according to figures from a specialist buy-to-let broker Landlord Mortgages. "

£48.6k... that's going some.

Everyone looking at BTL as a pension alternative etc etc but good old Crash Gordon had other plans all along..

Still, you've got to laugh.

Edited by Nathan

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I like the idea he'll go mad and turn the screws every two years on their capital gains too... Which is only fair if they're using that equity to gain further debt. It isn't free money you know

:)

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Hardly a shock that HMRC are looking to enforce existing tax laws in an area where there is always a lack of compliance.

In reality just a HMRC press release issued to gain publicity on a Tuesday after a bank holiday and scare some people into paying up without them needing to do any reviews.

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Err, there's already been a thread on this today - it was in the Times this morning.

Usual spin ****** - 'revenue will be given powers to go back 6 years ...'

Already have those powers in all tax matters.

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The Times editorial is a rib tickler, it pleads mercy for the BTL , who are all decent preople providing decent homes for the masses, on the grounds that TAX RULES ARE CONFUSING. WTF, so people can lend 500k and not uinderstand tax, we are going to hell in a hand cart.

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http://www.thisismoney.co.uk/mortgages/buy...p;in_page_id=56
Taxman to swoop on buy-to-let
Rashid Razaq, Evening Standard
29 May 2007
Landlords could be in line for thousands of pounds of extra tax bills in a Government clampdown on the buy-to-let sector.
HM Revenue & Customs will target tens of thousands of property ownerswho have failed to declare rental income or capital gains made from sales or claimed too much tax relief.
Revenue officers will be given powers to impose financial penalties which can be backdated six years and equal the value of the unpaid tax plus interest.
The hardline approach could see many small-scale landlords forced to sell as the tax bill could equate to more than the value of the property.

What with HMO regs, higher taxes, falling yields, rising IR and a HPC it would seem that BTL is dead as a viable investment.

If we get a crash then the capital gains tax bill comes down!!! :lol:

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