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  • Tax

    Landlord of 29 years faces up to Section 24

    Just found this blog on the NLA face book page

    Spot on. I am having to sell now and have no choice as the tax bill is now outweighing the profit and artificially driving me into the higher tax bracket and potential insolvency, goodness knows the impact when the interest rates go up? I am cutting back on maintenances and trying to claw back as much as I can including long awaited rent increases so I can simply pay the taxes until I sell. This will be putting 22 tenants out of their homes. My portfolio was well managed and established, the small profits invested back into the properties; we managed the portfolio well and all of our tenants are happy with the standards, service and support. This tax malarkey changes everything. I simply cannot maintain this now and I am being forced to sell, some properties at a loss because I bought them in the height of the market in 2007. This is so damaging and will show itself for what it is within the next 3-5 years., I feel like we are being culled for the big boys who remain unaffected.. What are this Tory government thinking?! My tenants will be gutted that I am having to pull out because of this and on top of all the new legislation which has cost me a fortune, it is causing me ruin and stress. I regret the day I ever got into this market, only further to Labours initiatives as an alternative to pensions after they crashed? Work pays - really? I feel that we have been targeted and there is a hidden agenda here for the corporates and house builders sitting in the Lords. This isn't about people whatsoever and never will be. A government that represents all is farcical. They are attacking small business but this is unreal for Landlords it just doesn't stack up!?

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    Learn Change and Adapt ?????


    But according to MP this won't increase rents much and so what if a few LL are forced out of business.

    After all it is only going to affect 1 in 5 LL............................................!!!!!!!!!!!

    So what's all the fuss!!?

    Tough s### on the tenants made homeless!!!

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