The Buy to Let Landlords have an advantage over hard-pressed first-time buyers because they benefit from tax breaks that are not available to owner occupiers.
The Inland Revenue, allows landlords to offset the costs of mortgage interest, letting agency fees, and replacement furniture and repairs, against the tax payable on rental income.
Regular buyers, however, waved goodbye to tax relief on mortgage payments back in 2000 when the government abolished Miras.
Buy-to-let investors are locusts who turn pleasant residential neighbourhoods into desolate wastelands occupied by transient tenants, stopping the growth of stable communities.
Surely if the governement stopped or limited the number of properties that the Buy to Lets bought that would stabalise the property market
Time To Stop Tax Relief For Buy To Let Landlords Who Own Multiple Properties?
06
Sep
Bacon Double Cheese Burger
September 6, 2009 at 4:03 pm
yep and time to make “affordable key worker housing” affordable for key workers!!!
Where's that pesky fraggle?
September 6, 2009 at 4:30 pm
the tax exemption of rent-to-buy landlords,
with their free & easy, get rich money-making scheme is set to end.
the problem is it could affect millions of people,
as the Landlords hand their debts on to their tenants.
EDIT
well i think it’s a good idea.
At present, buy-to-let landlords can offset their mortgage interest payments and maintenance costs against their rental income, meaning that they only pay tax on any residual rental income after these costs have been taken care of.
the combination of higher interest rates and possible tax changes, would simply make property investment a lot less viable to many individuals.
thus leaving more properties available for first-time buyers.
Mark T
September 6, 2009 at 5:12 pm
Never heard such unadulterated twaddle in years. First time buyers can borrow a higher proportion of the capital required to buy their homes and get preferential interest rates compared with buy to let borrowers. It’s jolly hard work to be a landlord and they should be allowed the same tax deductions as any other business
Nutsters
September 6, 2009 at 5:19 pm
i take it everyone who gave thumbs down and argumentative replies are landlords!!! the rich get richer whilst the poor get poorer there is no hope when all the money goes to people with money and why should they have tax breaks to replace furniture when they grab 5-600 pound bonds off the tenants before they move in!
Ellis
September 6, 2009 at 5:22 pm
Your just bitter and jealous because you wernt fortunate enough to capitalise on a very profiitable market!!
Good luck to any one who has the business acumen to profit from such an activity!
EDIT!
Ive just read what you are trying to say about them being able to offset costs against income to pay less tax. All businesses do this you fool!!! Its tax reduction and ALL businesses do this.