The Wilson's have sold their Property Empire

[biotechpete]

From 2017 the interest on a btl mortgage will not be able to be offset against your tax bill.

More info here= http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/10946303/How-to-maximise-your-buy-to-let-profits-by-paying-less-tax.html

 

Except if you run a company which owns a large number of properties in which case you will keep the relief.

[Cyclone]

bit off topic but recently I had the misfortune to call into my bank and sort some stuff out. during this visit to my bank I was asked to watch a video telling me that any investment currently standing at £85.000 will be reduced to £75.000 in January 2016. this figure will affect all accounts despite you thinking that because you have different bank accounts if the parent bank has control over your bank you will lose out. do the gov know something we don't ( example are they going to do a Greece on us )

 

That isn't what the video told you.

 

It told you that the amount guaranteed by the government in the event that the bank goes bust is to be reduced from 85 to 75k.

 

---------- Post added 11-12-2015 at 09:01 ----------

 

Except if you run a company which owns a large number of properties in which case you will keep the relief.

 

14 or more isn't it?

[Justin Smith]

You don't like landlords, you don't like the Chinese being landlords, you don't like social housing when people don't pay their rents and are turfed out... what DO you want?

 

Speaking a s a reluctant landlord (the shop I bought has two flats over it) the fact is there are good and bad landlords.

Myself I insist on my tenants being good neighbours, and they are, partly because they know I`d clamp down on anti social behaviour but mainly because I`m so fussy about who I get in in the first place, thus they`re decent tenants, nearly all of the ones I`ve had in the flats in nearly 20 years.

Some landlords really aren`t bothered. There`s a particular landlord (lives in Dore I think) who owns loads of houses in Hillsborough. Some of his tenants are a PITA but I have it on good authority that if you get onto him about any of his tenants anti social behaviour he doesn`t give a toss, just so long as he gets his rent. He`s a bad landlord.

Then there are landlords who don`t maintain there properties, and force their tenants to live in substandard accommodation, they`re bad landlords but also bad businessmen. I can never understand any landlord who doesn`t maintain their property to the highest standard, after all, they own the bleedin` house, it`s their asset. Idiots.

[alchresearch]

They have also sold most of their portfolio to Chinese investors. Why does this worry me....

 

Nothing new. It was the Arabs in the 1970s and other races in the subsequent decades.

[Resident]

Personally I think that landlords for UK properties must be reside in the UK.

 

That way it doesn't take an age to prosecute the bad ones that hide abroad.

 

Also, despite the landlords I had whom where decent, Landlords should have to submit to government inspections of properties at least once a year & given notice of this inspection no more that 24hrs prior.

[truman]

bit off topic but recently I had the misfortune to call into my bank and sort some stuff out. during this visit to my bank I was asked to watch a video telling me that any investment currently standing at £85.000 will be reduced to £75.000 in January 2016. this figure will affect all accounts despite you thinking that because you have different bank accounts if the parent bank has control over your bank you will lose out. do the gov know something we don't ( example are they going to do a Greece on us )

 

I think you'll find it's a bit of EU regulation..the government used to guarantee (underwrite) accounts to the value of 85k..it's been reduced to 75k... it's called the Deposit Guarantee Scheme..the new directive "harmonises" the amount over the whole of the EU..it's set at 100,000 euros about 75k pounds..

[poppet2]

They have also sold most of their portfolio to Chinese investors. Why does this worry me....

 

I wonder if it has anything to do with the Chinese investors not having to pay the full tax, unlike if it was a UK investor?

[truman]

I wonder if it has anything to do with the Chinese investors not having to pay the full tax, unlike if it was a UK investor?

 

I didn't think companies had to pay the extra tax? I would have assumed that the Wilsons would have been a company what with the size of the operation..

 

from the Telegraph

 

"Many landlords are taking other steps. These include raising rents ahead of the changes, paying down mortgages, selling properties or establishing companies as a way to avoid the tax "

[tzijlstra]

[/b]

And much as I like the Chinese, I prefer my landlords to be British. China is too far to come to unblock the sink.

 

WHat makes you think that this portfolio isn't run as a business with local response teams? You think these Wilson's (whoever they may be) came round to unblock the toilet themselves?

 

Your reasoning is typically xenophobic.

[geared]

They'll have to have some local presence, with a property portfolio that large you'll have 1 or 2 non-paying tenants so you'll need to be able to take them to court.