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DL, the OP said in an earlier post that both him and his wife are on decent salaries just below 50k - so in total I guess their salary income is between 90-100k p.a.
well that puts a different view on it all together
I thought it may be the case that they would be close to 40%
Taking equity from the home may not be as simple as it sounds S24 would really cause issues
If it was me I would sell the currant home Buy a new one with a good deposit and pay Nil Stamp duty because they are replacing there home
If they really want to expand in BTL I would use good cash reserves lend the Money to there company and buy more BTL via the company
But they need clear good advice before they do anything
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.
I think a Lot of Accountants look upon this sort of thing as fringe
S24 only effects Landlords and I know when it first arrived I educated my own accountant
she was under the impression that if a Landlord was a 20% tax payer it would have no effect
I call it a Cunning Tax
Both incomes are personally set and are at the cusp of breaking through 40% tax cut off
well you need to seek a lot of advice I would not extract cash from your home as S24 will hit you
Why make life more difficult. Sit with what you have and take stock. Remember things are going to get a lot worst over the coming months recession already in Europe and taking hold in the UK. Many landlords who are over extended will get cleaned out and there will be lots of cheap properties to buy. Sit back enjoy the summer.
I think your right I think bargains will come
even in the NE the market is getting top heavy
Buy at the correct yield and you know you have a bargain
if your not getting the yield its not right to buy it
If you are nearing the 40 % tax rate , you could both pay more into your pensions to keep you as basic rate taxpayers.
Also , I thought that the extra 3% stamp duty HAD to be paid on any other property if you already owned one. I don't understand DL saying that you wouldn't have the extra stamp duty to pay
you cant avoid paying stamp duty unless the purchase id less then 40k