Geezah Posted April 11, 2012 Report Share Posted April 11, 2012 Tired and half asleep on the sofa last night, glass of vino collapso in hand and with one ear listening to Paxo. Did I hear some government minister hint in a closing remark that tax releif on BTL mortgage interest is the next thing Osborne is going to look at in his drive to get all us rich feckless landlords to pay more tax so that we can still aford to pay the bankers nice bonuses? Was it just me? Link to comment Share on other sites More sharing options...
Carryon Regardless Posted April 11, 2012 Report Share Posted April 11, 2012 I took the reference to mean that the larger BTL investors will get tax relief on their profits. An RL type discussion but would imagine for the likes of us to enjoy this would mean some drastic changes to our status. Maybe we should become a charity so we could pay contributors back in other ways ? Link to comment Share on other sites More sharing options...
Melboy Posted April 11, 2012 Report Share Posted April 11, 2012 Vino Collapso..... Have not heard that expression in while. Typical RAF expression. I heard during the Paxo discussion that tax relief on BTL mortgage interest may be under consideration to cease by Osborne & the Treasury......but that was all......they are looking into it. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted April 11, 2012 Report Share Posted April 11, 2012 I must have missed that bit. Already I think many BTLers will fold when interest rates rise, to start taking more tax would only see the industry collapse. After all mortgage interest is a business expense no different to the cost of the boiler that went in yesterday. Link to comment Share on other sites More sharing options...
Geezah Posted April 21, 2012 Author Report Share Posted April 21, 2012 So, there you go, I wasn't dreaming after all! So, successive governments sell off nearly all the social housing stock, breath a sigh of releif when us private landlords appear over the horizon to plug the gap, then they want to turn round and shaft us for it. Cheers! Even the best goalkeepers in the world would'nt be able to cope with this! Get signing chaps, you know it makes sense! http://epetitions.direct.gov.uk/petitions/33019 Link to comment Share on other sites More sharing options...
Richlist Posted April 21, 2012 Report Share Posted April 21, 2012 I think its a great idea. There are to many accidental landlords, landlords that cause problems, those that don't know what they are doing etc etc. If this gets rid of lots of them GREAT.....less competition for me. I'm in business to make money & a major shift of emphasis like this is fanntastic news. Fewer landlords = less rental property BUT the same number of potential tenants = increased rents, quicker lets, fewer voids & higher profits. Its a win win for me, Sign a petition against......ARE YOU MAD???? No Thanks !!!!. Link to comment Share on other sites More sharing options...
Geezah Posted April 21, 2012 Author Report Share Posted April 21, 2012 I see your point and yes, I have been frequently asked if I'm mad! However, I'm also concerned about this being the thin end of the wedge/bat and if it ain't broken why fix it? Guaranteed anything the government has a hand in will be screwed up big style. Link to comment Share on other sites More sharing options...
Richlist Posted April 21, 2012 Report Share Posted April 21, 2012 There are winners and loosers with everything but the trick is to always make sure that you are on the winniing side. Its the same with petrol prices. Nobody likes £6 a gallon. Everyone will like it even less when its £10 or £12 a gallon but with less motorists and fewer cars traffic conjestion reduces, journey times improve, garage servicing costs less. There is usually a silver lining with every piece of bad news. Link to comment Share on other sites More sharing options...
bdh198 Posted April 21, 2012 Report Share Posted April 21, 2012 I think its a great idea. There are to many accidental landlords, landlords that cause problems, those that don't know what they are doing etc etc. If this gets rid of lots of them GREAT.....less competition for me. I'm in business to make money & a major shift of emphasis like this is fanntastic news. Fewer landlords = less rental property BUT the same number of potential tenants = increased rents, quicker lets, fewer voids & higher profits. Its a win win for me, Sign a petition against......ARE YOU MAD???? No Thanks !!!!. Richlist... I don't think that's a helpful way to look at it. If you want to make life more difficult for 'accidental landlords' the solution is tighter regulation of the rental sector which is targeted at ensuring the highest standards. Not a tax that will make life difficult, if not impossible, for many genuine landlords who want to provide good quality housing, but need to rely on mortgage finance. The only landlords who will benefit from a move like this will be those landlords who don't rely on mortgage finance, and they can be both accidental and rogue! Link to comment Share on other sites More sharing options...
Richlist Posted April 22, 2012 Report Share Posted April 22, 2012 Richlist... I don't think that's a helpful way to look at it. If you want to make life more difficult for 'accidental landlords' the solution is tighter regulation of the rental sector which is targeted at ensuring the highest standards. Not a tax that will make life difficult, if not impossible, for many genuine landlords who want to provide good quality housing, but need to rely on mortgage finance. My comments were just my opinion of the proposal and my response to the invitation to join in the petition. Anything that improves my business position is GOOD for me.......this proposal clearly does the trick and would certainly receive my vote. However, I am under no doubt it will not happen just as other ideas have been dropped after detailed investigation of the negative impact they might have. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted April 22, 2012 Report Share Posted April 22, 2012 Whilst I wouldn't agree to preventing LL's receiving full tax relief on a legitimate business expense such as interest on finance a cap of £50k is higher than most LL's are likely to experience as an interest cost IMO. The interest rate would have to rise considerably to reach that level for me. If it were to, and it has been so high in the past, so many LL's would be going under that the Gov't would have to create a rescue situation or find a way to house the many renters affected. I'll not worry just yet. Link to comment Share on other sites More sharing options...
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