Being a self-employed lodger? Will it affect capital gains tax for landlords?

Crashy_Time

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

[Deleted User]

Crashy_Time said:

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

Aren't you also guessing that said sector is going to crash, therefore would in fact be less of a viable source of tax generation?

Crashy_Time

brett19852010 said:

Crashy_Time said:

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

Aren't you also guessing that said sector is going to crash, therefore would in fact be less of a viable source of tax generation?

Council tax is payable on empty BTL as well, and knowledgeable posters are always telling us that people will just sit on their properties in a crash rather than sell for a discount, and as it is unlikely that anything like all landlords will pack it in for HMRC it is probably a case of Every Little Helps?

Comms69

Crashy_Time said:

brett19852010 said:

Crashy_Time said:

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

Aren't you also guessing that said sector is going to crash, therefore would in fact be less of a viable source of tax generation?

Council tax is payable on empty BTL as well, and knowledgeable posters are always telling us that people will just sit on their properties in a crash rather than sell for a discount, and as it is unlikely that anything like all landlords will pack it in for HMRC it is probably a case of Every Little Helps?

Often with a premium charged

[Deleted User]

Crashy_Time said:

brett19852010 said:

Crashy_Time said:

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

Aren't you also guessing that said sector is going to crash, therefore would in fact be less of a viable source of tax generation?

Council tax is payable on empty BTL as well, and knowledgeable posters are always telling us that people will just sit on their properties in a crash rather than sell for a discount, and as it is unlikely that anything like all landlords will pack it in for HMRC it is probably a case of Every Little Helps?

Offset the above that there would be no capital gains tax (no sale), no income tax from the rents, no second home stamp duty. I make that a net loss to the exchequer in almost every way.

Crashy_Time

brett19852010 said:

Crashy_Time said:

brett19852010 said:

Crashy_Time said:

theartfullodger said:

re your question #### Will this affect my landlords' (a married couple co-owning the home) Capital Gains Tax, should they decide to sell the home in the future?#####

Who can say? That will depend on CGT rules in the future (when they sell - not the rules as of now..)  which may well be - well the definitely will be - different from those of today.).

After Covid19 there WILL be tax increases (someone's got to pay for the current government massive discovery of the for-so-long-denied existence money tree.)

There's nothing to stop a chancellor deciding to tax gains where there have been lodgers..

But probably/hopefully not.

I`m guessing more targeting of BTL and more council tax penalties on empty homes.

Aren't you also guessing that said sector is going to crash, therefore would in fact be less of a viable source of tax generation?

Council tax is payable on empty BTL as well, and knowledgeable posters are always telling us that people will just sit on their properties in a crash rather than sell for a discount, and as it is unlikely that anything like all landlords will pack it in for HMRC it is probably a case of Every Little Helps?

Offset the above that there would be no capital gains tax (no sale), no income tax from the rents, no second home stamp duty. I make that a net loss to the exchequer in almost every way.

You are generalising one failed BTL to the whole market, that won`t happen, there will always be some sales, some rent being paid and second homes that people can`t or won`t sell and council tax is being paid anyway at basic rate by the tenant/owner or higher rate by the landlord of an empty property, can`t see how HMRC/Local Authorities lose there? Although I agree that they will struggle with the general economic decline as everyone has less money and pays less tax in general.