Labour plans and house prices

Innys1

I am a landlord of a tenanted house that may fall foul of the threshold.

If Labour get into power and introduce this tax, my tenants will have to pay it. I certainly won't be paying it from the rent.

IronWolf

Innys1 wrote: »

I am a landlord of a tenanted house that may fall foul of the threshold.

If Labour get into power and introduce this tax, my tenants will have to pay it. I certainly won't be paying it from the rent.

I think the legal obligation will be on the owner, not the tenant. You could evict them when they refuse to pay at the end of the fixed term of the contract, but you'll probably have to put the rent up to cover the tax if you want the tenant to cover it, there is no enforceable clause you could add to a contract to make a tenant pay taxes legally owed by you. And I think you'll struggle to increase rent, rents are set by the market based on supply and demand, not how much it costs a landlord.

Innys1

IronWolf wrote: »

I think the legal obligation will be on the owner, not the tenant. You could evict them when they refuse to pay at the end of the fixed term of the contract, but you'll probably have to put the rent up to cover the tax if you want the tenant to cover it, there is no enforceable clause you could add to a contract to make a tenant pay taxes legally owed by you. And I think you'll struggle to increase rent, rents are set by the market based on supply and demand, not how much it costs a landlord.

All the houses in the immediate area are likely to be affected so the market rent will go up.

I, along with the other local landlords, will simply put the rent up at the end of the fixed term contract. As it happens, the tenancy is currently a periodic one anyway which I will let run until I know the result of the GE.

I don't think many landlords will simply wear this tax. I certainly won't as I'm already paying income tax on the rent as, indeed, will most landlords be of properties worth £2m.

CLAPTON

Innys1 wrote: »

All the houses in the immediate area are likely to be affected so the market rent will go up.

I, along with the other local landlords, will simply put the rent up at the end of the fixed term contract. As it happens, the tenancy is currently a periodic one anyway which I will let run until I know the result of the GE.

I don't think many landlords will simply wear this tax. I certainly won't as I'm already paying income tax on the rent as, indeed, will most landlords be of properties worth £2m.

I'm sure normal economic rules will not be suspended so usual laws will apply


that is the price will rise but not by the full amount of the tax as the increase in price will discourage demand.

padington

So house prices up or down ?

carslet

padington wrote: »

So house prices up or down ?

neither, I think they will remain static for a good few years

Blacklight

Gangaweed wrote: »

Labour always has plans to increase state spending.

Never do you hear them talk about reducing the size of the state.

They have an addiction to spending other folk's cash.

Paying for votes you mean.

Back to the good old days of council workers with pointless jobs taking six months a year off sick as long as they vote labour. We've just gone though the pain of undoing 13 years of that, the massive overspend and subsequent recession it caused.

There should be a law against them.

cells

If businesses could just simply pass on any and all costs to their customers then no business would or could ever go bust which clearly isn't the case.

A mansion tax if introduced will probanly resemble the current annual enveloped dwellings tax. Which is £15,400 per year on homes worth £2m to £5m which is close enough a 0.5% annual mansion tax

caronoel

Innys1 wrote: »

All the houses in the immediate area are likely to be affected so the market rent will go up.

I, along with the other local landlords, will simply put the rent up at the end of the fixed term contract. As it happens, the tenancy is currently a periodic one anyway which I will let run until I know the result of the GE.

I don't think many landlords will simply wear this tax. I certainly won't as I'm already paying income tax on the rent as, indeed, will most landlords be of properties worth £2m.

The impact of most forms of regulation and property taxation often just results in the costs being passed onto tenants.

Another clanger of a policy from Comrade Milliband.

He would turn this country into Venezuela given half the chance

gbsilp

Innys1 wrote: »

I am a landlord of a tenanted house that may fall foul of the threshold.

If Labour get into power and introduce this tax, my tenants will have to pay it. I certainly won't be paying it from the rent.

All "mansions" turned into flats. Problem sorted.....