Richlist Posted February 17, 2020 Report Share Posted February 17, 2020 This weekend there was a good article in the Mail on Sunday about the tax changes introduced by former chancellor George Osbourne. It suggests the extra taxes over the last 4 yesrs may be killing off buy to let..... * The 3% stamp duty surcharge. * The end of the 10% discount for furnished lets. * From April 6th this year landlords cannot deduct mortgage interest as an expense. * Cancellation of additional allowances from April 6th for ' accidental landlords'. * Changes that require landlords to pay CGT within 30 days of a property sale......from April 6th. The Conservatives have pledged not to raise 3 key taxes.....income tax, VAT and National Insurance ......but they haven't said they won't make changes to CGT. There is speculation that this may rise in order for them to meet their spending pledges ! Quote Link to comment Share on other sites More sharing options...
Melboy Posted February 17, 2020 Report Share Posted February 17, 2020 I think the Daily Mail have it banged to rights about Gideon Osbourne and his killing off Buy to Let. I have a CGT liability for tax year 2019-20 and going through the HMRC paperwork guidelines ( as it was a 3 way partnership property sale) is not easy, in fact, I may have to pass this to a specialist accountant to sort out. Has anyone ever tried to phone HMRC recently? Good luck because I couldn't get hold of anyone last week to speak to. Quote Link to comment Share on other sites More sharing options...
Mortitia Posted February 17, 2020 Report Share Posted February 17, 2020 I can tell BTL is on the way down by the amount of 1 bed Barratt type homes on the market in my conurbation. These were the 'buy1 and let it' type of landlord who now find it too troublesome or had interest only mortgages. Most will make a CG but the prices are down by £40K. I've paid a load of mortgage off by selling some gold jewellery I decided I didn't like. - quite a relief to get rid actually. Using an accountant is well worth it I find and tax deductible. One of the staff there was telling me how even when you get through to HMRC the person you speak to has little knowledge and often they just hang up! Quote Link to comment Share on other sites More sharing options...
Melboy Posted February 18, 2020 Report Share Posted February 18, 2020 True Morticia..........I have noticed that modern 1 bed flats in my location are very difficult to shift right now and some have been on the market for well over a year. 2 /3 bed terrace and semi's are selling but nowhere as quickly as they were 3 years ago. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.