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If you wish to compare residential homeowners to landlords, you may as well compare home cooking to running a restaurant.
One is a business, the other is not.
Different tax rules apply.
People seem to have forgotten that if income-expense=profit. Landlords should pay tax only on profit, like every other business.
They have also forgotten that residential occupiers pay no CGT on the sale of their property, which is a huge 28% tax break that landlords do not receive.
Square that circle.
I'm not comparing them. I actually said that they shouldn't be compared. Jesus. The Government did and the NLA are and I said it's foolish to play that game with them.
*CGT has little to do with a comparison when buying a house, which is the issue at hand.
sorry - misunderstood your post....brain is fuddled trying to find loopholes to bring sense back to the government's mess
Taxi drivers get tax breaks on fuel, maintenance, etc.
Clearly that's 'unfair', as non-professional drivers don't.
So, according to the government, taxi drivers (and all other professional drivers) should not be allowed tax relief on motoring expenses....to, er, "level the playing field"
Retrospectively is the point!
So im guessing the market will crash when people do their next tax return and realise they have to sell, who agrees? House price collapse 2018 /19 ?
Good chance would say and stagnation of property prices for years to come
Did you see the young generation rent on BBC this morning most have no hope of buying a home in the SE
Six times salary if there lucky
Something has to give and sect 24 is the start of the fall in prices
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Housing is cheap up north and they need a laboutforce up there, so free market economics would suggest that there will be migration, which is natural and helpful and an orderly rebalancing.
Graveny has fallen for Govt propaganda, hook, line and sinker!
Only a fool would come out with the rubbish assertions he has.
LL were and are and should be taxed fairly
I know of no LL that ever considered being taxed on their gross profit was something that shouldn't occur!
It is how that gross taxable profit is arrived at that is the point.
S24 is a ridiculous method to contribute to a gross profit because it is debt interest and can NEVER be considered INCOME.
If I could go and spend my mortgage debt interest in my local Aldi then I would agree that the mortgage debt interest should be taxed!!!
You simply cannot discriminate against only one sort of business due to political desire.
If Govt wants to tax turnover then fine, but tax EVERY business on their turnover!!