Reply to: Unjust new landlord tax

[northernladuk]

Feck me, for ages I thought this was northern lad UK. It was a lady - I have missed the y.
hahaha, intrigued now.

One offers a highly profitable and quality service to professional clients and spends time on the forums offering accurate and straight forward advice.

The other is a miserable old bastard with a Judge Dredd avatar.

HTH.

[BrilloPad]

BP we all know you're a massive fan of BTL and that you advocate doing it

I posted earlier - don't confuse what you want to happen with what you think will happen.

The young deserve a chance at houses. By stopping foreigners owning property. And stopping multiple property ownership.

Will it happen? No! The young vote less than the old.

[kolata]

NLYUK is Mrs NLUK and is a Lady of expensive virtue. Or a Sockie YMMV.

What a cluster feck I see now.

[vetran]

Feck me, for ages I thought this was northern lad UK. It was a lady - I have missed the y.
hahaha, intrigued now.

NLYUK is Mrs NLUK and is a Lady of expensive virtue. Or a Sockie YMMV.

[kolata]

So NLYUK will be ok with her BTL* empire of illrepute.




* Brothels to let

Feck me, for ages I thought this was northern lad UK. It was a lady - I have missed the y.
hahaha, intrigued now.

[vetran]

Only in GBP terms. In EUR, you'll still be nursing a loss.

don't tell him, we don't want him crying into his beer all night!

[The Spartan]

Half a million landlords to be hit with 40pc tax raid under new rules

This is a disgrace! 40%?????

It should be 100% surely....

BP we all know you're a massive fan of BTL and that you advocate doing it

[b0redom]

^--- This. I am also an accidental B2Ler. I would love to transfer the property into a business, then I could put ALL of the profit into my pension. Unfortunately there's no elegant way of doing that I've seen.

[eek]

An unexpected consequence of all of this is that (with a bit of planning) I can shift my entire portfolio into a Ltd company without the tedium of having to pay Stamp Duty, AND the valuations for CGT purposes get reset, so saving me £10ks AND we then have a structure in place for Sucession Planning purposes.

And this will all go towards mitingating the amount of Tenant Tax that I would otherwise be forced to pass on.

I hope the scheme you are using is better thought through than the ones I've seen.

Most make your typical contractor loan scheme look thought through and some seem to believe that mortgage companies don't get notified by the land registry when ownership is changed.

[northernladyuk]

So NLYUK will be ok with her BTL* empire of illrepute.




* B1thches to let

FTFY:

View Profile: MarillionFan - Contractor UK Bulletin Board
View Profile: northernladuk - Contractor UK Bulletin Board
View Profile: vetran - Contractor UK Bulletin Board

[eek]

Er cough..

Putting my rent up next year. Let them squeal.

Surely you don't have enough U.K. based income to be hit by the tax change?

[Old Greg]

Er cough..

Putting my rent up next year. Let them squeal.

Only in GBP terms. In EUR, you'll still be nursing a loss.

[RetSet]

An unexpected consequence of all of this is that (with a bit of planning) I can shift my entire portfolio into a Ltd company without the tedium of having to pay Stamp Duty, AND the valuations for CGT purposes get reset, so saving me £10ks AND we then have a structure in place for Sucession Planning purposes.

And this will all go towards mitingating the amount of Tenant Tax that I would otherwise be forced to pass on.

[eek]

I am right in my understanding that if one only pays basic rate tax then the one can still fully offset the mortgage interest payment against tax for BTL?

Yep.... However there are some examples where because their actual income figure is based on their income before interest rate deductions rather than after interest rate deductions their income may now be too high to receive tax credits.

[Dark Black]

I am right in my understanding that if one only pays basic rate tax then the one can still fully offset the mortgage interest payment against tax for BTL?