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You just have to game the systen.
You don't think lenders check ER all the time do you?
HMRC don't care what the mortgage product is.
It is the quality of occupation which is of interest to HMRC.
But it is all fairly academic
Few LL will be able to do as I do.
I have fairly unique circumstances.
As it is with prices starting to reduce I'll be lucky to exit with my original capital intact!!!
I am confused.
Previously, on this forum someone asked if they could apply for BTL mortgage for a property they wished to live in and you replied, no, as that would be fraud.
Has your view or attitude changed?
You say your circumstances are unique so will you be presenting your case to the Lender for approval before moving into your BTL flat?
Do you not think this confusing for a new investor when he/she reads this and thinks this experienced investor is doing it so it must be OK?
My last point, which I hope you will take in the manner it is intended. We are lead to believe that the authorities monitor forums like this one, so is it a good idea to detail your proposed actions?
Ah! You are presuming according to the lender that I would be occupying the property without any tenant.
That wouldn't be the case.
As I have stated my circumstances are not normal and therefore what I do is not relevant for those with normal circumstances.
But yes I would say my previous posts about mortgage fraud etc apply.
They just don't apply to me
But if you wish to pay lots of tax to HMRC stay in your PPR and sell the rental property at full taxation rates.
It would be the right thing to do
After all the Govt needs your money.
So be a good little taxpayer and cough up!
Others may have different opinions than mine and wish not to cough up everything the Govt can squeeze out of them..
Everyone needs to make their own choices in life.
Personally I agree with Lord Denning about arranging ones affairs to prevent the least amount of Govt shovel in ones resources
If you feel prices are falling then would it not be better to put all four flats on the market immediately and pocket 72% of something rather than wait and receive 100% of a lesser amount in 4 years time. It appears the fear of CGT is driving the deal. E g sell each at 300k, assuming 100k profit, pay 28k CGT (ignoring your personal allowance) and clear 72k. Or wait a year and the sale price has dropped to 250k, assuming 50k profit clear due your avoidance scheme. Cuts out all the ducking and diving and gives a better return.
Nah! Just do one every tax year that should be OK
No use panicking
There are are enough stupid LL out there who won't understand S24.
Steady as she goes
Don't want to flood the market!
Unfortunately the letting exemption is up to £40k. If the PPR amount is lower then the letting exemption is capped at that.
Director of Tax Peplows Limited
CTA ACA FCCA
I think there is an echo in here