Landlords Say No to George and his Alice in Wonderland Tax

[Mike D]

http://www.property118.com/landlords-say-no-to-george-and-his-alice-in-wonderland-tax/79614/

Sign the petition to stop Osborne’s changes to the tax relief on mortgage payments for landlords.

It’s preposterous that he’s going to put so many landlords out of business leaving more affordable properties on the market. How can that be right first time buyers being able to afford houses instead of landlords being able to milk them for all their worth.

 

[r.soleofsalford]

http://www.property118.com/landlords-say-no-to-george-and-his-alice-in-wonderland-tax/79614/

Sign the petition to stop Osborne’s changes to the tax relief on mortgage payments for landlords.

It’s preposterous that he’s going to put so many landlords out of business leaving more affordable properties on the market. How can that be right first time buyers being able to afford houses instead of landlords being able to milk them for all their worth.

it wont stop landlords but it will stop landlord who need to borrow to buy

 

[DiscoSteve]

it should actually create more opportunities for first time buyers instead of money grabbing landlords scooping up properties for profit making rather than places to live

 

[SWP's back]

Is Mike agreeing with a Tory policy?

I need a lie down.

Ps, fuck off landlords, you scum cunts.

Pps, I'm not referring to Ken.

 

[BlueNomad]

Owning property is bad now?! WTF?

Does there need to be a vow of poverty taken just to post on BlueMoon these days?

Why is every landlord scum? Surely, buying distressed properties, fixing them up, renting them out, and enjoying the fruits of ones labour are the epitome of moving up the ladder? Is that not allowed in England anymore? Saving your pennies to get ahead is now frowned upon?

Not to worry, eh? I'm sure there will be socially engineered program that will fix whatever ails everyone and we can all have exactly the same shit in the near future. Only problem is, in the "near future" plus one day, some people will have more and others will have nothing again, then what?

Equal opportunity is certainly a worthy goal,but equal outcomes? Well, that is where I draw the line. When those without seek to take from those with, especially when it was earned the hard way, through ones own labour, I can't support that. I strongly in favor of progressive tax policies, which is why I think those that reap the rewards of society should pay their "fair" share, even if it is not an equal share, but to then use that largesse to try to fix outcomes? Well, that is simply a plan that is doomed to failure, where everyone loses, especially the society as a whole.

 

[StrangewaysHereWeCome]

My Lawyers Garyyy... they a bleed me dry!

 

[SWP's back]

Owning property is bad now?! WTF?

Does there need to be a vow of poverty taken just to post on BlueMoon these days?

Why is every landlord scum? Surely, buying distressed properties, fixing them up, renting them out, and enjoying the fruits of ones labour are the epitome of moving up the ladder? Is that not allowed in England anymore? Saving your pennies to get ahead is now frowned upon?

Not to worry, eh? I'm sure there will be socially engineered program that will fix whatever ails everyone and we can all have exactly the same shit in the near future. Only problem is, in the "near future" plus one day, some people will have more and others will have nothing again, then what?

Equal opportunity is certainly a worthy goal,but equal outcomes? Well, that is where I draw the line. When those without seek to take from those with, especially when it was earned the hard way, through ones own labour, I can't support that. I strongly in favor of progressive tax policies, which is why I think those that reap the rewards of society should pay their "fair" share, even if it is not an equal share, but to then use that largesse to try to fix outcomes? Well, that is simply a plan that is doomed to failure, where everyone loses, especially the society as a whole.

Absolutely they can, but they shouldn't get tax relief on the mortgage.

Giving it artificially raises property prices thus pricing first time buyers out of the market until they hit 40 odd, all the while, paying dead money to the landlords.

 

[Mike D]

Is Mike agreeing with a Tory policy?

I need a lie down.

Ps, fuck off landlords, you scum cunts.

Pps, I'm not referring to Ken.

They may get most things wrong on the odd occasion they do things right this is one of them times.

This con has been going on the years because it hinders first time buyers who are up against asset rich individuals who can borrow money easily than they can.

 

[Mike D]

it wont stop landlords but it will stop landlord who need to borrow to buy

Of course it will but its a start and a positive move in the right direction.

 

[aguero93:20]

Absolutely they can, but they shouldn't get tax relief on the mortgage.

Giving it artificially raises property prices thus pricing first time buyers out of the market until they hit 40 odd, all the while, paying dead money to the landlords.

This. Unless you're a first time buyer there's no economic sense to getting tax relief.

 

[blueinsa]

I have very good friends that now own over 20 houses which they let and had them crying to me yesterday how unfair it all was and how they would be going out of business.

You can well imagine how many fucks i could not give as they are firmly in the "im all right fuck you" brigade, demanding an end to benefits to anyone and everyone yet as soon as it seems they are going to lose a little perk they enjoy its all so unfair.

 

[aguero93:20]

I have very good friends that now own over 20 houses which they let and had them crying to me yesterday how unfair it all was and how they would be going out of business.

You can well imagine how many fucks i could not give as they are firmly in the "im all right fuck you" brigade, demanding an end to benefits to anyone and everyone yet as soon as it seems they are going to lose a little perk they enjoy its all so unfair.

I hope you had a long chat with them explaining about how their benefits were being cut in line with their wishes.

 

[SWP's back]

I have very good friends that now own over 20 houses which they let and had them crying to me yesterday how unfair it all was and how they would be going out of business.

You can well imagine how many fucks i could not give as they are firmly in the "im all right fuck you" brigade, demanding an end to benefits to anyone and everyone yet as soon as it seems they are going to lose a little perk they enjoy its all so unfair.

Yep. Fuck them. Their income is taxpayer subsidised at the expense of the non baby boomers that weren't born at the right time to enjoy the private ownership pre-2008 bonanza.

 

[Chancy Termites]

Buy a house, rent it out, sell it for a profit = pay capital gains tax.

Buy a house, rent it out, remortgage to buy more houses = don't pay CGT.

It's taxpayer subsidised tax avoidance.

 

[BlueNomad]

Absolutely they can, but they shouldn't get tax relief on the mortgage.

Giving it artificially raises property prices thus pricing first time buyers out of the market until they hit 40 odd, all the while, paying dead money to the landlords.

Surely, without mortgage relief, the cost of ownership of rental property would increase, and that increase would be passed on, leading to higher rental prices???

Or, would landlords simply accept a loss on their property every month hoping to make it up on the growth in equity?! (Tongue firmly in cheek!)

Aren't interest rates more important to most buyers than the tax break? And, do you honestly believe that property prices will go down because people will not incorporate, or find other ways around whatever ramshackle laws are cobbled into place to TRY to stop the wealthy from being land owners?

And, I don't have a dog in the hunt, so I'll bow out, but I think the wealthy ALWAYS find a way to make money and the bubble in housing prices definitely needs to pop, but everyone with get hurt in that process, with those least able to absorb that loss getting hurt the most.

 

[BlueNomad]

Buy a house, rent it out, sell it for a profit = pay capital gains tax.

Buy a house, rent it out, remortgage to buy more houses = don't pay CGT.

It's taxpayer subsidised tax avoidance.

Why not keep going with your scenario. What then? What happens in the end game? Taxes or no taxes?

 

[SWP's back]

Surely, without mortgage relief, the cost of ownership of rental property would increase, and that increase would be passed on, leading to higher rental prices???

Or, would landlords simply accept a loss on their property every month hoping to make it up on the growth in equity?! (Tongue firmly in cheek!)

Aren't interest rates more important to most buyers than the tax break? And, do you honestly believe that property prices will go down because people will not incorporate, or find other ways around whatever ramshackle laws are cobbled into place to TRY to stop the wealthy from being land owners?

And, I don't have a dog in the hunt, so I'll bow out, but I think the wealthy ALWAYS find a way to make money and the bubble in housing prices definitely needs to pop, but everyone with get hurt in that process, with those least able to absorb that loss getting hurt the most.

Ha. Economics isn't your strong point.

No. Without mortgage relief, then property prices wouldn't be inflated by tax payer subsidised landlords and more people can get on the property ladder.

You couldn't be more wrong.

You also don't understand the fucking point. Tax breaks on mortgages don't stop the wealthy from being land lords. They stop the less wealthy buying up properties as (and this is born out by all the whohar) they can't make a profit without the tax break on the interest element of the mortgage.

 

[denislawsbackheel]

Totally agree with Gideon on this one. Now he needs to abolish high rate tax relief on pension contributions as well.
Only a tiny minority of people who receive it ever pay high rate tax on their pensions enjoying a nice little scam.

 

[SWP's back]

Totally agree with Gideon on this one. Now he needs to abolish high rate tax relief on pension contributions as well.
Only a tiny minority of people who receive it ever pay high rate tax on their pensions enjoying a nice little scam.

What? Why abolish tax relief on pension contributions for high rate payers when they pay tax on pension income anyway?

That means taxing both ends. The whole 'benefit' of a pension is tax relief on contributions whilst knowing you'll pay tax on growth (whilst getting gross fund roll up) when you take it as income.

If they abolish tax relief then people would just save into regular contribution capital investment bonds and not get tax relief on contributions, nor pay tax (for twenty years) when taking income AND they'd be getting a better rate than rate than an annuity and twenty years income tax free as well as having access to 100% of their contributions at any time they needed it.

 

[denislawsbackheel]

And you a supposed expert!

Abolish high rate tax relief because 90% of people who access it for pension only ever pay basic rate tax once retired.
Thus screwing the system.