Reply to: buy-to-leave

[PurpleGorilla]

OK. It's all the foreigners' fault.

Late to the party, and jumping on the band wagon.

BTL is simply a way of impoverishing the young.

[SueEllen]

They will never sell the property.

Only the nominee owner will change hands...

You think Gideon would screw his foreign party donors funneled through British hands?

[AtW]

Non residents don't face increased stamp duty when they buy a property however they pay CGT when they sell it.

They will never sell the property.

Only the nominee owner will change hands...

[SueEllen]

link two linky
link three linky

Non residents don't face increased stamp duty when they buy a property however they pay CGT when they sell it.

From 6th April 2015, all gains on property will be subject to 18% or 28% capital gains tax (CGT) when held personally (depending on the individual’s total taxable gains and UK income for that year).

[d000hg]

OK. It's all the foreigners' fault.

[SueEllen]

link one linky

Companies pay 15% on properties over £500,000 except those that are:

• a property rental business
• property developers and trader
• property made available to the public
• financial institutions acquiring property in the course of lending
• property occupied by employees
• farmhouses

[BrilloPad]

shall we just carry on arguing based on supposition and, in AtW's case, heavily biased ignorance?

Extrapolation and generalisation. As ever.

[d000hg]

Does anyone actually know if the new rules DO apply to foreign property purchasers? Or shall we just carry on arguing based on supposition and, in AtW's case, heavily biased ignorance?

[AtW]

No, that's totally different. Companies are not avoiding or evading stamp duty. It doesn't apply to them, they are never given the chance to get out of paying it,

[d000hg]

That's one way to look at it. Same can be said about corp tax - it not optional to big firms, it simply doesn't apply...

No, that's totally different. Companies are not avoiding or evading stamp duty. It doesn't apply to them, they are never given the chance to get out of paying it,

[AtW]

I get round this problem by not being middle class.

How your butler feels about it?

[AtW]

And the stamp duty surcharge is not OPTIONAL to big firms. It doesn't apply.

That's one way to look at it. Same can be said about corp tax - it not optional to big firms, it simply doesn't apply...

[d000hg]

Why is it optional for big firms with 15+ houses? Same reason - BTL needs to be stopped to herd middle class money into pension Ponzi scheme - removal of tax reliefs coming there, so all viable alternatives should be made nonviable.

I see, it's wild speculation?

And the stamp duty surcharge is not OPTIONAL to big firms. It doesn't apply.

Charging extra to foreign investors is actually one easy way to make a bit of extra money.

[SueEllen]

How will Osborne get 3% BTL (second home) stamp duty from foreign investors??? I guess it will be optional for them...

So now somebody will need to sell their house first, live in a hotel or rented place before buying new house to avoid paying 3% ffs

It's called a chain.

Everyone exchanges on the same day.

And yes loads of things go wrong.

[NotAllThere]

Why is it optional for big firms with 15+ houses? Same reason - BTL needs to be stopped to herd middle class money into pension Ponzi scheme - removal of tax reliefs coming there, so all viable alternatives should be made nonviable.

I get round this problem by not being middle class.