Of course you didn't 
"" The Government is coming under increasing pressure to reverse draconian new taxes applying to buy-to-let investors, announced in the July 8 Summer Budget.
Landlords argue that not only will the change force them to evict tenants and sell properties en masse, but that it will also prevent the building and development of new homes - hindering the Government’s objective to increase housing supply.
The proposed tax change, applying in full from 2020, will only hit those landlords with mortgages. Many landlords have calculated that they will have to pay more than 100pc of their profits in tax when the change is fully implemented.
Scroll down for a worked example of the new tax.
Torquay landlord Graham Chilvers owns 75 properties. None of them, he says, could have been bought by first-time buyers - because in every case he either built or restored them himself.
Under the Government’s proposed tax changes, the financing of such projects would no longer stack up, he said.
Potential properties would remain derelict or would have to be developed by large commercial companies who are not impacted by the proposed new tax, which only targets private individuals. "
“The Government justifies its attack on buy-to-let by saying landlords have an unfair advantage over people wanting to buy their own homes,” Mr Chilvers said. “But no homebuyer was competing with me on any of these properties.”
Mr Chilvers is pictured in front of a former Victorian hotel which in 2004, when he bought it, was in disrepair and occupied by squatters.
He converted the main building into nine two-bedroom apartments, and built two three-bed homes in the space formerly occupied by a swimming pool.
Many of his other properties were also once hotels or care homes, while some he built from scratch.
He reckons his portfolio is worth £6.4m, against which there is a modest £2.4m borrowing.
Rental income totals £330,000 per year. The cost of mortgage interest is £80,000 with maintenance, insurance and other expenses coming in at £100,000 to £120,000.
That gives a taxable annual profit of between £130,000 and £150,000.
His tax bill today is around £50,000. When the new taxes are fully applied he will pay an extra 32pc in tax, with his bill rising to almost £70,000.
He would then be paying a tax rate of 44pc. "
Source: 'I own 75 buy-to-let properties but I haven't deprived other buyers' - Telegraph
75 fooking properties, how is that sensible to do without wrapping them into Ltd?
Ah, that's because banks won't give lend to Ltds...
"" The Government is coming under increasing pressure to reverse draconian new taxes applying to buy-to-let investors, announced in the July 8 Summer Budget.
Landlords argue that not only will the change force them to evict tenants and sell properties en masse, but that it will also prevent the building and development of new homes - hindering the Government’s objective to increase housing supply.
The proposed tax change, applying in full from 2020, will only hit those landlords with mortgages. Many landlords have calculated that they will have to pay more than 100pc of their profits in tax when the change is fully implemented.
Scroll down for a worked example of the new tax.
Torquay landlord Graham Chilvers owns 75 properties. None of them, he says, could have been bought by first-time buyers - because in every case he either built or restored them himself.
Under the Government’s proposed tax changes, the financing of such projects would no longer stack up, he said.
Potential properties would remain derelict or would have to be developed by large commercial companies who are not impacted by the proposed new tax, which only targets private individuals. "
“The Government justifies its attack on buy-to-let by saying landlords have an unfair advantage over people wanting to buy their own homes,” Mr Chilvers said. “But no homebuyer was competing with me on any of these properties.”
Mr Chilvers is pictured in front of a former Victorian hotel which in 2004, when he bought it, was in disrepair and occupied by squatters.
He converted the main building into nine two-bedroom apartments, and built two three-bed homes in the space formerly occupied by a swimming pool.
Many of his other properties were also once hotels or care homes, while some he built from scratch.
He reckons his portfolio is worth £6.4m, against which there is a modest £2.4m borrowing.
Rental income totals £330,000 per year. The cost of mortgage interest is £80,000 with maintenance, insurance and other expenses coming in at £100,000 to £120,000.
That gives a taxable annual profit of between £130,000 and £150,000.
His tax bill today is around £50,000. When the new taxes are fully applied he will pay an extra 32pc in tax, with his bill rising to almost £70,000.
He would then be paying a tax rate of 44pc. "
Source: 'I own 75 buy-to-let properties but I haven't deprived other buyers' - Telegraph
75 fooking properties, how is that sensible to do without wrapping them into Ltd?
Ah, that's because banks won't give lend to Ltds...
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