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  • Tax

    HMRC announces new tax landlord "paint" tax



    Following research by the Department of Business, Innovation, and Skills into products used by landlords, a new tax has been announced today.

    Magnolia paint of all brands will have an extra 30% "landlord levy" added to it.

    A department spokeswoman confirmed this new tax saying that "landlords are prolific buyers of magnolia paint, so this seemed a fair way to generate more revenue from their activities.  Our research showed that owner occupiers favour "Egyptian Cotton" and "Barley White", whereas landlords favour magnolia time and time again so this is another way to level the playing field between landlords and home owners".

    Dulux Paint reacted immediately to the story saying that they will fight the charge as unfair, as it is only applied to landlord buyers, and not developers and institutional investors buying in bulk.

    Patrick Houlihan, CEO of Dulux Paints said "Magnolia walls, white ceilings and white skirting boards has been the landlord template in rental properties up and down the realm.  It seems grossly unfair that landlords should be penalised for creating a clean, bright, and neutral home for tenants,

    In protest, we are now changing the name of our "magnolia" product to "Pristine Porcelain".

    The new tax comes ahead of Section 24 implementation on the 6th April which landlords have dubbed the "Tenant Tax".  This new tax will no doubt cause outrage amongst the landlord community and Property Tribes will be launching a campaign against it.

    Like Section 24, the new "paint" tax does not come into effect until 6th of April, so there's still time to head down to B & Q and stockpile magnolia paint.

    If this new tax on landlords has got YOU fuming, then join us all next week for "Axe the Tenant Tax Awareness Week" 2017.  This is a community-driven initiative to ramp up the campaign against Section 24, and we need your support!

    SEE ALSO  -        Buying property with none of your own money

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    NOW WATCH:

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    Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **5 reasons to get your FREE portfolio review NOW**

    Haha, very good V&N.

    Have you seen the one about council tax in HMO rooms?

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    Another disgraceful tax from this government.

    It's seems every April (and usually very early in the month) they come out with these foolish taxes.

    Of course they are not as foolish as those announced in the 2015 Budget.

    Smile



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    http://www.Rentcent.co.uk

    A blog and information source for buy to let landlords


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    Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **5 reasons to get your FREE portfolio review NOW**

    Just caught this, v funny!

    But magnolia is SO over!

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    ? I only wish I could laugh at their taxes on the other 364 days!

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    Let's hope no one from the treasury reads this, you're giving them ideas Nick! LOL!

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    Andy Walker

    Creator of monoperty.com

    Follow Me: YouTube Snapchat Facebook Twitter

    Luckily I stocked up a couple of weeks ago  Big Grin

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    Well I, for one, am going to get my tenants to lick all the magnolia off the walls.

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