Osborne's 2017 Landlord Tax

[poppet2]

 

Because it's not just about yields.

If the kitchen sink is blocked, and you get a phone call from a tenant asking you to unblock it for them, you may find it easier to pop round from Clapham to do some plunging in Fulham than Fulwood.

I would have thought this was obvious.

 

Why obvious, please explain?

If London landlords hire agents to look after their property in London, isn't it obvious they would hire local agents up North to look after their property?

In fact, since property is cheaper up North, the SDLT should be less, making it an even better bet for Londoners to buy up North.

 

---------- Post added 05-11-2015 at 13:20 ----------

 

What bank is offering 5%, I'll put money there!

 

Easy, just google it.

Edited November 5, 2015 by poppet2

[RonJeremy]

Why obvious, please explain?

If London landlords hire agents to look after their property in London, isn't it obvious they would hire local agents up North to look after their property?

In fact, since property is cheaper up North, the SDLT should be less, making it an even better bet for Londoners to buy up North.

 

---------- Post added 05-11-2015 at 13:20 ----------

 

 

Easy, just google it.

I did explain - I have property in and around Sheffield. When I buy it or rent it, I have the local knowledge. I know the areas. Perhaps I should buy property in Sunderland, because it's cheaper, but I know nothing about Sunderland areas or property.

Some people don't use agents.

When my agent asks me abut what refurb or repairs I should do, I like to have a look myself to get a feel for it and to make sure I'm not being had.

It's pretty obvious to me. Perhaps it might now be to you.

Just for the record, being a landlord isn't easy, if you are the agent too it's even more difficult.

 

Any account paying 5% would not allow the capital sum to appreciate if you were taking the whole 5% out.

 

I've googled it - can't find any well known bank offering anything like that on anything over a few thousand. Please prove me wrong - I could make a few quid.

 

---------- Post added 05-11-2015 at 14:00 ----------

 

Apologies, I was taunting Penistone and didn't word it very well. You lose tax relief on the mortgage interest, is that right? Which I'd agree is fair, why should you get tax relief on interest? If your business model can't afford the interest payments without it then it's a poor business. Tax relief like this has helped push up housing costs as so many poor landlords have jumped on the gravy train. Going on previous posts, I'd put Penistone in that category and not you. We may differ in views but you seem to come across as an employer who cares about his staff, and therefore tenants as well.

 

My apologies for rising when you were hunting bigger fish.

You are correct - just the tax on the interest is payments no longer being allowed as a business expense on domestic property.

 

Thank you - I do a great deal and it winds me up when people tell me all landlords and all employers are bad/evil/etc (I know you haven't done) when I know I am not.

I don't rent property out that I would not be prepared to live in myself. But as a result it can be more expensive.

[Berberis]

The Tories are very good at telling us what they're going to do as if it's a done deal.

Then it quietly fades away, but they allow people to think it's actually happened....

 

This isn't a bad thing at all. Its called market testing in other parts of our society. You release that you are going to do X and if the public are generally accepting, you do it. If they flip out and start complaining, you know you need to rethink you approach.

[sgtkate]

This isn't a bad thing at all. Its called market testing in other parts of our society. You release that you are going to do X and if the public are generally accepting, you do it. If they flip out and start complaining, you know you need to rethink you approach.

 

Or get it blocked by an unelected house large numbers of whom you appointed.

[Cyclone]

Apologies, I was taunting Penistone and didn't word it very well. You lose tax relief on the mortgage interest, is that right? Which I'd agree is fair, why should you get tax relief on interest?

You lose the ability to offset the cost of the morgtage against the profit of the let.

If your business model can't afford the interest payments without it then it's a poor business. Tax relief like this has helped push up housing costs as so many poor landlords have jumped on the gravy train. Going on previous posts, I'd put Penistone in that category and not you. We may differ in views but you seem to come across as an employer who cares about his staff, and therefore tenants as well.

It's not a relief, it's just a normal way of doing business, all costs are offset against profit. Except now they aren't, unless you form a limited company.

 

---------- Post added 05-11-2015 at 14:26 ----------

 

Easy, just google it.

 

No, you know that debate doesn't work like that.

 

I could spend all week googling for this mythical 5% interest paying account. Instead, you claimed it exists, you show it.

 

(I don't believe it exists at all, the best rate you can get at the moment is about 3%, maybe 3.5% if you commit to a 5 year bond).

[Berberis]

Or get it blocked by an unelected house large numbers of whom you appointed.

 

The funny thing is, when Labour introduced the Fox hunting bill, they used the Parliament Act to push it through the Lords as it was thought they would not pass it. One Labour MP was quoted saying "This is about who runs this country, us of those bloody toffs".

 

Strange how now Labour is applauding the Lords.

[sgtkate]

The funny thing is, when Labour introduced the Fox hunting bill, they used the Parliament Act to push it through the Lords as it was thought they would not pass it. One Labour MP was quoted saying "This is about who runs this country, us of those bloody toffs".

 

Strange how now Labour is applauding the Lords.

 

I'm not really. I dislike the TC bill but I'd would love the Lords to bugger off. Just makes me smile with irony that's all.

 

Now back on topic, both of us!

[Berberis]

Now back on topic, both of us!

 

only if you insist