What do you think will be the imapct of B2L tax rises?

chucknorris

Graham_Devon wrote: »

Crieky, if someone actually investigated your client base we'd likely half the UK's debt the way you go on!

I'm reserving judgement until I see the movie, an autobiography of Conrad, 'Confessions of a mortgage broker'.

Thrugelmir

wotsthat wrote: »

I think what he's saying is, despite all the rules, there is inadequate enforcement so the majority of his clients don't even know a spotlight exists let alone find themselves underneath it.

The money is hidden in plain sight - no one is looking for it.

HMRC use a database system called Connect.

wotsthat

Thrugelmir wrote: »

HMRC use a database system called Connect.

I wonder how many of Conrad's clients have come a cropper because of Connect. Zero?

I've often wondered why when it's more difficult than ever to transact without leaving a trace and with such sophisticated data sniffers the gap between taxed due and paid remains large.

Cash is probably part of the answer.

havingaball74

Am debating whether to jump into the BTL sector (renting my house out whilst buying another one). The house is worth £105k and the mortgage would be £42k. If I rent it out then that just tips me into the higher tax bracket. Or am I better selling up and putting the equity elsewhere?

Mistermeaner

Depends on sooooooo many factors and without lots more info noone can give you meaningful answer.

Odds are you would be best not having a btl and putting as much in your pension as possible, but we don't know how old you are, how much you earn, how many kids you have, what pension you have, what your long and short term goals are , where you live, how long you will live there, whether you'll be looking after an elderly parent, whether you are thinking of going to Australia in 7 years time, whether you have a load of store card debt you should pay off etc etc

CLAPTON

havingaball74 wrote: »

Am debating whether to jump into the BTL sector (renting my house out whilst buying another one). The house is worth £105k and the mortgage would be £42k. If I rent it out then that just tips me into the higher tax bracket. Or am I better selling up and putting the equity elsewhere?

you could put a little bit of money into a pension so you are just tipped back again

havingaball74

I am 42 years old, unmarried, child free, have a teachers pension, earn £37k, no debts, about to buy a house with partner (I need £42k to match his deposit), plan to stay at new house and in area indefinitely. Have some savings. Like the idea of selling and putting the cash elsewhere without hassle of being a landlord, but might regret selling it if prices increase. Am not sure, being a higher tax payer (only just) if the new BTL tax changes mean that it is a really stupid idea.

Mistermeaner

I would suggest not being a landlord.

Perhaps start a sipp to supplement your teachers pension so that you bridge the gap if you want to retire early in the future.

lisyloo

wotsthat wrote: »

Semantics really. Signing to say something is true is accepted as proof in this case.

i disagree.
Signing to say a relationship is broken down doesn't make it true. It's a lie and in a legal sense (officially perjury or contempt of court).

If you lived your life normally then all HMRC would need to do is get hold of your Facebook timeline to show 2 people enjoying a relationship, hardly rocket science.
The alternative is living a business/personal life "in hiding".

I think it's illegal, immoral, has huge risks (loss of IHT relief, inheritance, spouses pension) and also means living a life in hiding.
Let's agree to disagree but it's safe to say I've got the clarity I sought for my own situation.