Death of buy-to-let: landlords wake up to Osborne's 150pc tax

[expat]

I got screwed by buying my house just before the h2b scheme and now I'm gonna get screwed when I pay it off and buy a 2nd property to rent out, whilst losing 7.5% of my income to dividend tax, T&S, and a general shakedown of the contract market

Thx tories

Life's tough, eh?

[expat]

If they bin the triple lock, rape the banking sector, and tax wealthy boomers to balance years of unhindered wealth accumulation, sure I'd vote Tory.

Why only wealthy boomers, why not wealthy everybody?

[PurpleGorilla]

Why only wealthy boomers, why not wealthy everybody?

Good point. Higher tax for everybody who is wealthy.

[Platypus]

Nothing wrong with Buy To Let ... investing one's own cash which has come from (hopefully) productive work, but Borrow to Let is another thing. So are these people 'investors' or 'businesses' anyway? - they seem to claim either one or the other depending on what suits them best at any particular time. If they are investors then can I also have some tax relief to borrow and invest in some more gold please? Thought not. If they are businesses then are they not 'trading while insolvent' if they cannot even adjust to a gradual reduction of existing (and very generous) tax reliefs on their debts? - in which case they need to be put out of action asap.

No, they are just speculating with cheap credit and pricing out potential owner occupiers in the process. No sympathy at all.

Well said and spot on.

[AtW]

Yet again a CINO Government pulls another rung from the ladder of the rest of us trying to better ourselves whilst their rich mates with no mortgages on their BTL portfolios keep drinking champagne.

The Govt does not want people to have their own pension arrangements via property - they want people to put in cash into Ponzi pension scheme of theirs instead, hence it became imperative to feck up the BTL market, new Labour administration will certainly remove all tax advantages of BTL.

[PurpleGorilla]

Just for clarity;

If you earn £100k p/a you should get taxed 40% with no exemptions, and tax based on pre-pension earnings. No fiddles, no loop holes.

If you have a house valued at £1m you should be charged a flat tax of 5% of the value per annum. That money should be used to build new houses.

I would also introduce capital gains tax for betting. So all that dirty speculation with shorting/hedging should get taxed. It's a complete joke that there is no tax!

That would be a good start for me.

[OwlHoot]

Just for clarity;

If you earn £100k p/a you should get taxed 40% with no exemptions, and tax based on pre-pension earnings. No fiddles, no loop holes.

If you have a house valued at £1m you should be charged a flat tax of 5% of the value per annum. That money should be used to build new houses.

I would also introduce capital gains tax for betting. So all that dirty speculation with shorting/hedging should get taxed. It's a complete joke that there is no tax!

That would be a good start for me.

I suppose we can safely assume you rent your room, you sad bitter loser

[OwlHoot]

The Govt does not want people to have their own pension arrangements via property - they want people to put in cash into Ponzi pension scheme of theirs instead, hence it became imperative to feck up the BTL market, new Labour administration will certainly remove all tax advantages of BTL.

I'd bet a pound to a pinch of pig tulip this tax proposal is part of some EU tax harmonisation scheme. See if I'm not right.

[AtW]

I'd bet a pound to a pinch of pig tulip this tax proposal is part of some EU tax harmonisation scheme. See if I'm not right.

EU got nothing to do with it, main motivation is for Osborne to become Prime Minister and he bet everything on reduction of deficit and he wants it in the first 2 years, can't believe I voted for that fook.

[expat]

Nothing wrong with Buy To Let ... investing one's own cash which has come from (hopefully) productive work, but Borrow to Let is another thing. So are these people 'investors' or 'businesses' anyway? - they seem to claim either one or the other depending on what suits them best at any particular time. If they are investors then can I also have some tax relief to borrow and invest in some more gold please? Thought not. If they are businesses then are they not 'trading while insolvent' if they cannot even adjust to a gradual reduction of existing (and very generous) tax reliefs on their debts? - in which case they need to be put out of action asap.

No, they are just speculating with cheap credit and pricing out potential owner occupiers in the process. No sympathy at all.

Are they not essentially the same as ticket scalpers? I.e. they do not provide a service, do not add value, do not create any wealth; they simply insert themselves into a chain in order to cream off some unearned profit.