Reply to: Own your property outright? CPIH should worry you

[OwlHoot]

Er, you know that did that up until the 1950s don't you?

Yes, that's why I said it was "back".

(or may be - It is only supposition on my part, although we'll soon find out)

Also, regarding (re)mortgagors getting out of it, well maybe they will be charged deemed rent on the difference between their mortgage balance and the value of their property. So there will be no escape even for them!

[vetran]

Yet round my way prices are at 2005 levels (if you want to sell) and falling.

Property for capital gain is not a good investment if you are up north in one of the towns building a lot of homes

you mean where councils are building enough homes the massive and unsustainable price gains over the last 20 years are slightly reversed?


Buy in Sluff 60% gains expected.

[filthy1980]

The issue is with empty homes. If someone lives in them full-time whether they are a tenant or a house sitter cum housekeeper then they are occupied.

The reason people have extra bedrooms is for various reasons e.g. disability, children away, working at home and isn't anyone's business.

your predictive texts give you away

[eek]

Property is the only investment worth having. As mentioned on the CPIH thread, property growth has been up at around 10% in some areas. Show me a pension that can even claim close to that and it'll be a ponzi scheme, at best.
If you expect ourselves and our aged parents to start paying tax on a house they own outright, just because not every bedroom is full all of the time, you are obviously a fully paid up marxist, Polly Toynbee worshipping, weapons grade certified Corbynista.

Yet round my way prices are at 2005 levels (if you want to sell) and falling.

Property for capital gain is not a good investment if you are up north in one of the towns building a lot of homes

[NotAllThere]

Better off taxing babies. Too many people on the planet already. The Chinese had the right idea.

And are currently enjoying massive societal disruption and a very problematic demographic.

...Given how desperate they are for funds, I reckon the Government has secret plans to tax outright property owners on the value of the fictitious rent they pay themselves to live in their own place, in addition to council tax of course.

No doubt the Government will argue that outright property owners have an unfair advantage over renters and mortgagors, and extra funds should be made available to hard-working young familes to get on the property ladder...

They do this in Switzerland - but mortgage interest is tax deductible. It works because only 30% of the population own their own home, very few own it outright, and at a certain point, you can have indefinite, inheritable interest only mortgages. Once I get my mortgage down to about 25% of the house value, I'll probably leave it there.

[SueEllen]

Property is the only investment worth having. As mentioned on the CPIH thread, property growth has been up at around 10% in some areas. Show me a pension that can even claim close to that and it'll be a ponzi scheme, at best.
If you expect ourselves and our aged parents to start paying tax on a house they own outright, just because not every bedroom is full all of the time, you are obviously a fully paid up marxist, Polly Toynbee worshipping, weapons grade certified Corbynista.

The issue is with empty homes. If someone lives in them full-time whether they are a tenant or a house sitter cum housekeeper then they are occupied.

The reason people have extra bedrooms is for various reasons e.g. disability, children away, working at home and isn't anyone's business.

[Mordac]

Make senses on 2nd homes and empty houses, and I would genuinely support it. At a push I would support it on houses with empty rooms, i.e. old people that need to die, hoarding a huge 5 bedroom detached house they bought in the 1960s for nothing, and only 2 people live there.

I wouldn't support a policy like that on homes that are actually use by families for shelter from the cold, instead of an investment vehicle.

Property is the only investment worth having. As mentioned on the CPIH thread, property growth has been up at around 10% in some areas. Show me a pension that can even claim close to that and it'll be a ponzi scheme, at best.
If you expect ourselves and our aged parents to start paying tax on a house they own outright, just because not every bedroom is full all of the time, you are obviously a fully paid up marxist, Polly Toynbee worshipping, weapons grade certified Corbynista.

[blackeye]

Better off taxing babies. Too many people on the planet already. The Chinese had the right idea.

Perhaps a sliding scale depending on the expected taxes the said babies will pay in the future? Makes it fairer.

But then the babies parents on the lower end of the scale will be subsidised through benefits and the higher taxed paid by the parents higher in the scale.

So we are back to zero and it's not a great plan after all.

[ChimpMaster]

Make senses on 2nd homes and empty houses, and I would genuinely support it. At a push I would support it on houses with empty rooms, i.e. old people that need to die, hoarding a huge 5 bedroom detached house they bought in the 1960s for nothing, and only 2 people live there.

I wouldn't support a policy like that on homes that are actually use by families for shelter from the cold, instead of an investment vehicle.

Better off taxing babies. Too many people on the planet already. The Chinese had the right idea.

[blackeye]

Make senses on 2nd homes and empty houses, and I would genuinely support it. At a push I would support it on houses with empty rooms, i.e. old people that need to die, hoarding a huge 5 bedroom detached house they bought in the 1960s for nothing, and only 2 people live there.

I wouldn't support a policy like that on homes that are actually use by families for shelter from the cold, instead of an investment vehicle.

[Fronttoback]

Middle class revolt

The accountants and dentists would be throwing their Filofaxes through the government building windows (from a safe distance dressed in brand new overalls and used ski masks).

The far right will follow.

[OwlHoot]

And then what's to stop outright owners from remortgaging and spending/stashing/investing the cash then.

Good point, unless this supposed tax was pitched less than the interest payable on a mortgage, or remortgaging itself is taxed.

[vetran]

Sounds like a very Socialist policy. I don't think it'll happen - not in such a form anyway because it discourages prudence, unless of course the government want exactly that. And then what's to stop outright owners from remortgaging and spending/stashing/investing the cash then.

An 'empty house' tax is certainly far more sensible and socially acceptable.

and a rebanding of council tax.

[ChimpMaster]

Sounds like a very Socialist policy. I don't think it'll happen - not in such a form anyway because it discourages prudence, unless of course the government want exactly that. And then what's to stop outright owners from remortgaging and spending/stashing/investing the cash then.

An 'empty house' tax is certainly far more sensible and socially acceptable.

[OwlHoot]

It'll be worth listening to the Chancellor's statement on Wednesday to see if there is any hint of this deemed rent.