Reply to: ‘Buy-to-let tax will cut our income by 25pc.' How much will YOU lose?

[AtW]

It's high time to tax CO2 emissions from residents and a very high tax on farts which is clearly a luxury...

[BrilloPad]

Only 25% cut? It needs to be a 100% cut. Selfish f**kers are keeping youngsters off the housing ladder.

It needs 100% tax on rental income. With no expenses allowed.

And make it 200% on companies and anyone from outside the UK.

[AtW]

Let's get a foreign investor tax in next...

Singapore and Hong Kong are most expensive for foreign property investors | Europe | News

Nah, those are true Tory friends, "foreign" investor as in offshore trust belonging to the right chaps who went to right schools ...

[mudskipper]

Excellent - I've got some money to invest. Sounds like there's some BTL bargains to be had in Stoke and Crewe.

[TheLordDave]

Thanks to Gideon you might become an accidental bankrupt...

To be honest maybe that is the best course. Selling up and still owing the mortgage company 20k is not a position I want to be in.

Neither is being a landlord and being responsible for the upkeep when the rent only just covers the mortgage. But if it is then tax smashed not really worth it at all.

Maybe better to go bankrupt and let the bank have the keys.


Bloody Tories.

[TheLordDave]

Where is that?

South wales

[PurpleGorilla]

Let's get a foreign investor tax in next...

http://www.propertywire.com/news/eur...011210028.html

[zeitghost]

Sounds like I'm not alone in hoping someone's going to wipe that smirk off his face.

[AtW]

The rules don't start to bite for another 18 months and it will be 5 years before they fully take effect.

Unlike the dividend taxes that kick in next year

[AtW]

The bit that worries me is people like me with a mortgage on a house that isn't worth the mortgage amount, so can't afford to sell and have become a accidental landlord.

Thanks to Gideon you might become an accidental bankrupt...

[centurian]

Where is that?

Northern Ireland most likely

Negative equity afflicts 'half a million households' - BBC News

Unfortunately, the rules can't adequately differentiate between "accidental" and "intentional" landlords.

And quite bluntly I'm afraid, nor should it.

The rules don't start to bite for another 18 months and it will be 5 years before they fully take effect.

That should be more than enough time to formulate a plan of how to deal with it.

[PurpleGorilla]

The bit that worries me is people like me with a mortgage on a house that isn't worth the mortgage amount, so can't afford to sell and have become a accidental landlord.

Where is that?

[TheLordDave]

The bit that worries me is people like me with a mortgage on a house that isn't worth the mortgage amount, so can't afford to sell and have become a accidental landlord.

[MicrosoftBob]

Surely the thread title should be Borrow-to-let

[AtW]

Only fly in the ointment is local councils sticking their noses in the trough CPRPL - I expect more councils will follow suit

"Croydon Private Rented Property Licence

As part of its drive to make Croydon a better place to rent, Croydon Council has designated the borough a Private Rented Property Licence area.

This means that owners of every privately rented home in the borough must apply to the council for a Croydon Private Rented Property Licence (CPRPL). This becomes a legal requirement from 1 October 2015.

Through the application process, the council will determine that the proposed licence holder is a "fit and proper" person to manage their properties.

Landlords renting a property without a licence face fines of up to £20,000, while those that fail to comply with licence conditions can be prosecuted and fined up to £5,000."



Looking forward to a big post on forum from MF...