Another thread on BTL

Graham_Devon

Heres something a few of the landlords musing around these parts may well like.

The Conservative government is facing a legal challenge by the founder and chairman of Platinum Property Partners, as a result of the “unfair tax grab” on buy-to-let investors.

Steve Bolton, whose buy-to-let business has a £200m nationwide residential portfolio, is co-leading a legal challenge on behalf of his 250-strong network of landlords against the government, by means of a Judicial Review.

The premise appears to be that it's not fair, underhand and undemocratic.

Lawyers working on the case for the group believe there may be something within human rights or EU law that can put a stop to the changes.

The best bit is the person heading up the case is Cherie Blair.

Anyway..... all rather bizzare, and sure, it sounds like something from the Daily Mash - alas it's real.

Hope this BTL thread finds approval.

http://www.ftadviser.com/2015/12/24/mortgages/mortgage-products/buy-to-let-tax-grab-is-absurdly-alice-in-wonderland-tVG93xNZ7OGYPKi9qVJcZO/article.html

:xmassign:

mayonnaise

Graham_Devon wrote: »

Hope this BTL thread finds approval.

chucknorris

Sounds ridiculous to me, no use crying over spilt milk is my stance on the subject.

wotsthat

Wouldn't surprise me if the changes were watered down.

Standard government policy these days - try and push through bigger changes than they think they can get away with, assess the volume of the squeals and then water them down because they're 'listening'.

They get 3/4 of what they wanted and the rest of us have to deal with a more complex tax system and higher tax burden.

mwpt

Surreal. I can understand that they are trying to protect their profits but I hope no-one is falling for their sob story as anything but pure greed.

wotsthat

mwpt wrote: »

Surreal. I can understand that they are trying to protect their profits but I hope no-one is falling for their sob story as anything but pure greed.

It's no different to the squeals we hear from anyone being taxed more or getting less and lobbying for change.

Pure greed is hyperbole.

HAMISH_MCTAVISH

Graham_Devon wrote: »

The premise appears to be that it's not fair, underhand and undemocratic.

The premise for a challenge is a good one. It is well established in all other areas of public policy regarding business taxation that profit equals income minus costs.

From your linked article...

Philip Booth, professor of finance, public policy and ethics at St. Mary’s University said: “To put it quite bluntly, this is an elementary undergraduate public finance error that should not be made in the Treasury.”

He added: “It’s not clear why the government has chosen to just launch an attack on buy-to-let owner-operators with mortgages. It’s a tax from Alice in Wonderland – truly absurd and divorced from real life.

antrobus

Graham_Devon wrote: »

Heres something a few of the landlords musing around these parts may well like.

The premise appears to be that it's not fair, underhand and undemocratic.

Lawyers working on the case for the group believe there may be something within human rights or EU law that can put a stop to the changes.

The best bit is the person heading up the case is Cherie Blair.

Anyway..... all rather bizzare, and sure, it sounds like something from the Daily Mash - alas it's real....

It does seem a bit of stretch to me.

It may well be a "fundamental financial business principle" that "income less costs equals profit", but it is also a fundamental financial business principle that taxable profits are often calculated by different rules to accounting profits, and that the taxable profits of a property business are calculated on a different basis to other businesses. (It has always been thus, ever since the days of Schedule A).

Graham_Devon

I honestly thought this would have the pro BTL crew disagreeing with the premise of using human rights, and whats more, Cherie Blair because something is "unfair".

But no. I'm actually surprised, people seem to back this up!

The use of Human Rights to protect landlords from taxes!? Seriously? When there is so much wrong with the BTL scene for tenants!?

Stone me.

CLAPTON

Graham_Devon wrote: »

I honestly thought this would have the pro BTL crew disagreeing with the premise of using human rights, and whats more, Cherie Blair because something is "unfair".

But no. I'm actually surprised, people seem to back this up!

The use of Human Rights to protect landlords from taxes!? Seriously? When there is so much wrong with the BTL scene for tenants!?

Stone me.

do you only believe in the rule of law when it agrees with you?

Graham_Devon

CLAPTON wrote: »

do you only believe in the rule of law when it agrees with you?

I'll remind you next time you are moaning about "human rights" or your favourite, EU law, of this very post

Rule of law is one thing. Doing this when they haven't even found what law it contravenes yet is something else!