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Following yesterdays budget in Ireland positive move to encourage Irish landlords to stay in the market -
Quoted from the Irish Times today:
"Landlords will give up less of their rental income in tax next year, following a decision in Tuesday’s budget to ramp up the amount of mortgage interest they can offset against their tax bill. However savings will be muted for those landlords on tracker mortgages, as their interest bills are likely to be moderate.
The measure is seen as a step by the Government to encourage landlords to stay in the market, amid claims that high tax burdens were forcing them to sell up to owner-occupiers. It is also probably hoped that a more favourable tax bill will mean that landlords may hold back on rent increases, given the sharp upward momentum in the rental market.
The move means that landlords will be able to offset 100 per cent of the interest they incur on mortgages or loans linked to rental properties, a significant increase on the current rate of 80 per cent.
Awesome share - thank you!See - 9 reasons why Section 24 will be reversed
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Reasons to be cheerful? Let's hope so! Well spotted and thanks for passing it on when all seems to be doom and gloom just now.
What they give in mtg relief they will have to find monies elsewhere. Great but they have to pay of it. so expect higher taxes in due course. Remember Ireland is the third most indebted country in the developed world with some euro 200bn .
They may have lost money by having less tax from there being less landlords? It would be interesting to see the stats.
Must admit all I care about is the repayment of our bailout loan in 2010 of £3.5bn due in 2021. So far they have paid £358m in interest running at approx £42m every 6 months.
If you're hoping for the British Govt to learn from the Irish mistakes, you'll be waiting a ling time. This shower are the best Labour Gov't for decades.
If you are hoping for the same outcome in. The uk you willl be Waiteing a long time
tories moveing more left by the day and labour is going even futher left
both parties want us out of the game once large companies build and more council homes come they will turn the screws futher
I give it 10 years and we won’t have leverage BTL in personal hands
Learn Change and Adapt ?????
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Irish BTL lenders must be loving it - charging whatever rates they want cos the taxman's picking up the tab!
Ive always said that S.24 was probably brought on because lenders got greedy - taking cheap Funding for Lending money from govt and whacking on huge margins to us.
But, now that the horse has bolted, BTL loans are available at fire-sale prices
S.24 should be reviewed to allow 100% interest relief for loans up to, say, 1.5% above base rate.
MINISTER FOR HOUSING Eoghan Murphy this morning confirmed that under new laws home sharing on platforms such as Airbnb will only be allowed where it is a person’s primary residence.
Homesharing is where a person rents out a part or all of their home for a period of time, usually to tourists who are visiting the country. It can often help homeowners meet their day-to-day bill or pay for their holidays, for example.
However, as home sharing has become more popular as a form of tourism letting, it has resulted in some professional landlords withdrawing houses and apartments that would normally be rented on a long-term basis to instead rent them out as short-term lets, the Department of Housing has said.
And as Ireland is currently in the midst of a deepening housing and homeless crisis, the Department has announced plans to implement new short-term let regulations, to help bring properties back onto the market.
The new short-term let regulations, kicking in on 1 June 2019, will operate on a ‘one host, one home’ model in areas of the country where there is deemed to be a high housing demand. Full/source article This is surely a taste of things to come in the rest of the UK?
I just can see any comparison with Ireland
we are a different kettle of fish
s24 will not go we might if we are luck get small changes Ie offer three year tenaancy ect
but it’s here to stay
and it’s working it’s slowing the market and landlords are buying less homes
A government policy that every one but us agrees with