Wales, Devolution, Differing Tax Regime.

[Carryon Regardless]

Some, if not the majority, will be unaware that Wales now has some different laws. Here I / we only have interest in those that aply to proprty, in in truth most don't have concern about those.

For those that do have interest. Income tax is now set separately, but so far remains the same as England and N.I. Their stamp duty is renamed Land Transfer Tax, but remains as ours so far, I believe. Wales now proposes a Wealth Tax, to refund covid costs.

In general the English may not care, but if you view that Westminster might use these strategies as a learning opportunity to dismiss, amend or adopt such we might have a care.

The latest innovation is v interesting to me,

Landlords face punishing new costs under property wealth tax plan.url

any thoughts also interesting.

 

[Carryon Regardless]

Sorry strange things are happening with link.

https://uk.yahoo.com/finance/news/landlords-face-punishing-costs-under-105833673.html

this may work better.

[Richlist]

I've always thought the devolved Gov' in Wales had the wrong approach to property. I understand that there are issues with first time buyers and affordability but the restrictions/ proposals are going to destroy tourism in the area.

As much as I like Wales and as much as I'd like to buy property there the negative messages and very unfriendly attitude of the Gov to anyone wanting to buy a second home is more than enough to put me off.

[Carryon Regardless]

RL that is one point I've considered. Negative effects to their tourism is v dangerous. But this could destroy their  / my property values should it encourage a significant exodus from Wales.

Then the consideration, as you say, of this causing investment to be redirected. Lost confidence would take some years  to return.

On the 2nd 'whatever' front, my initial reaction was that this will get caravan owners ++. My sister and hubby bought a caravan near Porthmadog a while back. Because it's to be mt 2 months a year it isn't classed as residential. The site must close. This 'initiative', still in design methinks, is based around Council Tax. Their caravan attracts less than £200 p.a. tax, so as she says "this isn't a decision changer".

Strangely my liddle ole yacht in Beaumaris  on a dry mooring costs more for the 7 months it's tied to it. I decided to sell that and reduce my Welsh exposure a while back.

Cottages, and 'residential' type holiday lets of various sorts would seemingly attract the higher % surcharge.

If I understand the so far agreement between Welsh Labour and Plaid Cymru outstanding mortgages shall be an allowance against full tax. That begs the questions of how an initial value is arrived at, what evidence is required to demonstrate allowable sorts of outstanding loans, and the efficiency of the administration involved.

For those with total ownership the 'possible' 200% would reduce profits to a level where a business becomes unattractive if even still feasible. 

I view this as largely anti English and definitely anti capitalist.

 

[Melboy]

10 Years ago I seriously looked at buying property in Wales (Cardiff/Newport area) being just less than hour from my location down the mighty M4.

I am so pleased I didn't go ahead with that idea. 

The Welsh government will pay a penalty by way of a housing crisis if landlords do a mass sell up and get out of rental property.

[kanrent]

Let's hope England doesn't copy wales

[Melboy]

2 hours ago, kanrent said:

Let's hope England doesn't copy wales

I believe they will. The government aided by local councils are looking at ways to raise even more revenue and landlords are the soft money touch for their cash cow. The only glimmer of hope is the fact the Landlords Association have argued strongly against the Local Council proposals that have already been put forward which temporarily have stopped the new proposals going forward.

[Carryon Regardless]

19 hours ago, Melboy said:

The Welsh government will pay a penalty by way of a housing crisis if landlords do a mass sell up and get out of rental property.

If they are able they could manage that mass exodus threat. Simply by extending notice periods, restricting court availability the repossessions would be deferred.

As houses become disposed of they just transfer occupants. They are still lived in. So the aim imo would be to prevent the cliff edge and create a ripple effect over a greater time period.

Transfer to private ownership has social advantage, until other factors might create private owners to be less able to maintain affordability.

There must be a reduction in house values, how much time 'll tell.While that can make them more affordable I view it would also be a cause for investments to be redirected.

Cheaper housing would again attract 'some' investors. But we've only to look at cheaper areas to see poorer social situations, and all the lower standards that brings with it.

Wales, or significant parts of it, becomes more depressed than it already is.

Social issues increase.

The Welsh Retard Assembly blame Westminster for lack of funding.

Apparently the Barnett Formula is already unfair as it gives Scotland more £ per head than they. Even though they are on a par with England.

 

[VickiCoylesjod]

Hello, keep in mind that the amount of taxes and IRS can define in every state and every county. The best way to find the answer to your question is by approaching professionHello, keep in mind that the amount of taxes and IRS can define in every state and every county. The best way to find the answer to your question is by approaching professional accountant services for consultation. Also, you can check the amount of taxes on any online paystub creator. Today you can find plenty of them, and I recommend to don't look at exact numbers because, as I said, they can define, but it will give you the proper vision of categories and percents paid to the government in your case.al accountant services for consultation.

[Melboy]

12 hours ago, VickiCoylesjod said:

Hello, keep in mind that the amount of taxes and IRS can define in every state and every county. The best way to find the answer to your question is by approaching professional accountant services for consultation.

Good to see, as you are an accountant, that you took the time to thoroughly read and digest this topic before submitting your reply.    😄

[Carryon Regardless]

Wales is the closest US city to Russia, it's in the state of Alaska.

Maybe Vicki is touting for business up there.