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BTL tax changes to cost London Landlords over £1B a year
Comments
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chewmylegoff wrote: »Furthermore the wear and tear allowance only has a tax impact if you are making a profit after real costs as you cannot offset a taxable loss on renting out residential property against other income. I expect that a few percent of London BTL landlords are making a loss.
I agree there will be some making a loss, but they can carry the loss forward, and offset it against tax in future profitable years.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
....But with something like 5-6 million BTLs it seems odd to assume only £80B or so of loans are taken by higher rate tax payers.
There are indeed something like 5 million plus privately rented dwellings in the UK; but they are not all BTL, and not all are owned by private individuals.0 -
Surelt this whole change is really to sort the LL's who are in it as a business, from those that are in it for investment? its not a bad thing at all, not really any different from the lost interest suffered from savers the past few years due to low IR0
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Surelt this whole change is really to sort the LL's who are in it as a business, from those that are in it for investment? its not a bad thing at all, not really any different from the lost interest suffered from savers the past few years due to low IR
That whole debacle has been a transfer of wealth from savers (and future generations) to the indebted, on a gigantic scale. And now they whinge.0 -
Over on the forum hpc.co.uk they like this news. They are cheering!0
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PasturesNew wrote: »Don't worry - they will just put the rents up if they feel hard done by.
In many London boroughs 40%+ of renters are on housing benefit - the government pays the rent. So putting up the rent might not be that easy. BTL landlords are some of the biggest benefit recipients around - cos they are getting the housing benefit cash not the claimants.0 -
ruggedtoast wrote: »Over on the forum hpc.co.uk they like this news. They are cheering!
You can't really blame them.
They're priced out of housing by speculators who enjoy tax breaks they never could.
I know we can say that all other businesses can offset interest against profits, but I can't think of another business where they're purchasing in direct competition to ordinary people using the same type of finance.0 -
ruggedtoast wrote: »Over on the forum hpc.co.uk they like this news. They are cheering!
If Graham is correct and two thirds of BTL's are owned outright that cheering might need to be toned down to polite applause.0
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