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Oh how joyous. More attacks on us... Buy-to-let landlords could soon be required to pay more money in capital gains tax (CGT) under new proposals put forward by the Institute for Public Policy Research (IPPR).
The plan is expected to spark outrage among many landlords given that the CGT tax take is likely to be bolstered by buy-to-let property sales over the next few years.
I suppose incorporating for future purchases will become the only way to go.
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
corbyn would adopt...and worse!
London is Labour-dominated and well-off; media 'types'; Islington Champagne Socialists. They don't need to worry about how a Marxist Corbyn-led government would affect the market and will vote Labour regardless. BUT... London is not the UK, which Labour seems to not want to see. I grew up in the heart of London in the 60s and have seen it gentrified. There is also the phenomenon of inward investment in technology start-ups and established companies e.g. Google and Microsoft, and not to forget, Financial Services. That will continue to expand post-Brexit. They want young people, and hence there is a huge need for rental. But these youngsters want to live in certain areas; Hackney, Dalston, Docklands... One of my nieces had a lovely garden flat in Hampstead; desirable by anyone's standards. But she wanted to be where it's 'cool', and moved to Dalston. At her age, I wouldn't walk through there alone!
I can see such recommendations being pounced on by the likes of Shelter and GenRent, and governments listen to them!
I think Corbyn is all smoke just to get the votes.
Imagine how London would be impacted by something like this and its a Labour majority city. No way would it go through the parliament and Lords.
NONE OF CORBYNS SUPPORTERS SEEM ABLE TO COMPREHEND 'IMPACT'. I might be a bit naive in my thinking but seems too far fetched for anyone being able to put all these recommendations into practice
I THINK YOU CAN EXPECT THIS AND A LOT WORSE FROM CORBYN. THIS IS MILD IN COMPARISON TO RENT CONTROL AND FORCED SALES TO TENANTS. I EXPECT IHT ALLOWANCES WOULD GO TOO. HE AND JM ARE MARXISTS SO WHAT DO YOU EXPECT!?
To think Corbyn is all smoke is naive at best and more likely very dangerous.
He is a leftist, the sorts of things he wants to do will mean a higher tax higher spend government, the problem with socialism has always been sooner or later you run out of other peoples money to spend. Corbyn will need money to get even a fraction of his proposals off the ground... Those rich enough will leave the country, property will be seen as a cash cow as you can't move property out of the country you so have a stationary target with the added bonus that nobody is going to shed a tear if thousands of landlords become bankrupt because of taxation...
total agreement, but think this comment is for Sagaar rather than me.
I saw this crop up in an article elsewhere that wasn't property specific. I believe the idea being floated is to bring CGT in line with Income Tax. It was pointed out that an obvious failing is that it would not allow for inflation.
So say, £100,000 invested in 1999 would be equivalent to £171,865 today. As such, any tax on the £71,865 gain would in effect be deeply unfair.
Just an anonymous opinion on the Internet.
Why is it now such an impossible dream to just be left alone for a few months / years while the recent unfair tax changes bed down?
Does nothing to address the real UK housing problems but the usual politics of envy of anyone that tries to do something for themselves.
CGT has always been pretty harsh - a tax on those that save and plan from already earned income. Far better now to blow everything as you go and just throw yourself on the state in old age!
I very much fear what a Corbyn government will do. Various posters say 'oh it will never happen' etc because so many people will be affected. But wouldn't they have said the same about the tax changes brought in by the Tory government under George Osborn? Who'd have thought a Conservative government would do what they did considering that so many of their voters would be adversely affected? You can only escape all of the recent and proposed measures if you are truly rich, ie, worth several millions. But even if Corbyn never gets into power all the political mood music from each party suggests that they are all planning huge tax raids on the property market. They all want to cover up the fact that successive governments have failed to build social housing to replace the housing stock lost to the private market via Right to Buy. McDonnell says plainly that they want to crush the BTL market. And every time I read or view those 'get rich quick' property training videos I cringe. Do these people not realise that politicians can see all this too and get a distorted impression that all landlords and those who buy, refurbish and flip are lazy, rich b*******. To my mind this is a question of property trainers literally getting rich quick while simultaneously helping to kill what is otherwise a perfectly respectable business. It all also seems seriously added to by the huge changes in mortgages. Presumably, after the sub-prime market crash, this is why we all have to find at least 25% simply as a deposit. No politician seems to be looking at the problems created by lenders etc. I fear that the whole thing is about to collapse just as I am of an age where I am completely dependent on the value of the property I struggled to main for 20+ years suddenly being completely eroded