OpenRent Community

Landlords .Want to be taxed more?

Note the Labour party leader has suggested it would be better to have taxed landlords in order to raise more money for social care. A previous Labour leader said the same in a manifesto , his party lost the election and he is now gathering dust. Do I see another attack on the horizon?

Yes but look at all the regulations that were enforced under this government in the last 5 years
I think it’s time for a new party!

That is very true , At the behest of shelter and similar. do you believe a new goverment would repeal them and turn the clock back . I cannot see that happening … In my lifetime I have seen govs come and go , The opposition always oppose , always promise and do not live up to it, At a small council Planning meeting many years ago on a whole list of planning decisions . I sat thru about 30 till my application came up. ALL the 3 parties voted when they saw what their party mates were voting for Now you cannot tell me that all the labour and all the conservative members of the same party all had the same view on that building project. They all lie . There is hardly a straight yes or no answer… They will all try to screw us , some more than others ,as we are an easy target

You could be the leader of the new landlord party
Heads up you will lose ( tenants outnumber landlords) :joy: :joy:

Well, what we’ll do is promise to abolish market rents and fix rents to, let’s say, 50% of what they are now. This will get us so many votes.

After the election we go back on our word like true politicians and raise rents and remove the senseless (landlord) regulations that have evolved over time.

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If you own your property through a company you are going to be taxed more as Boris just put the dividend tax up

This probably won’t win any popularity prizes, but I’m all in favour of a fair taxation system. It seems to me that the main driver for Boris’ care policy is preservation of inheritance rather than improvements to care. Given that, isn’t it fairer to tax wealth rather than income? Is it equitable that young families on low to middle incomes will now pay more so that my kids might inherit more of my assets? Personally, I’m uncomfortable with this even though I would instinctively vote Conservative.

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I agree with you, apart from the fact I would never vote conservatives.

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I would seriously struggle to vote for them now. Must say though, I’ve received excellent service from my MP Nadhim Zahawi.

You are right ,that view is not popular.I have a lot of wealth because I work a great deal . You want me to share all of that out? I might as well just sat on my backside. No chance ,I will spend it on my children.

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Nope Colin, quite the opposite. I want you to be able to leave some of your hard earned wealth to your kids because it won’t all be needed to fund your longterm care. The question, if one wants to benefit from living in a welfare state, is how to provide fair taxation to pay for it. I just don’t think taxing poorer people more is fair. I don’t have an easy answer. If they do tax us more, then more landlords will leave the PRS and then rents will increase and how does that help the less well off?
Of course, we could adopt other models more like the US where the state provides almost nothing and the strong survive while the weaker and less able fail. This debate could run and run…

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But do not forget I can only leave £325 k. then the rest is taxed at 40% death duties (i am not now married) My house, is worth a lot more than that, money in bank , properties ,are a few bob …So the gov is going to get a lot of my earnings into their pot anyway. we all want to keep our money .I pay a lot in income tax . . My children first… the rest of the country is way down the list and I am sure there are landlords wealthier than me . In fact I rub shoulders with them . What really irks me is the waste of goverment departments . We know they are wasting our money . They can find enough money to wage wars but not enough to look after the elderly ?

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Agree with all that.

What happens when landlords costs rise, take your degree to find the answer and then be an MP or councilor. Most tenants have the common sense to know the answer and feel the pain of interference by the above. Lots of good regulation for standards has come out to protect tenants but without landlords 40% of the country would be suffering!

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@Colin3 If you own a house that you live in, you get another £175k allowance if you leave it to you direct descendants.

I did not know that cath 2 , so that is to the children.

The problem with any tax planning, as I have found to my cost, is that rules can be torn up almost overnight. So planning how much IHT your estate will pay, is almost like betting at the races. For example, currently personal pension pots are excluded from IHT, but up to 5 years ago they were taxed at 75%. But, if we all rush to load our SIPPs, you can be sure they’ll change the rules again. A sure way of avoiding IHT is to spend it or give it away while you’re alive - assuming you live for another 7 years of course. Another way is to leave money to charities or political parties. That last one is interesting isn’t it?

I’ve also read they are considering including all life time gifts in your estate, so if you give away more than whatever the IHT threshold becomes, those gifts and then all your estate would be liable to tax. I live in France (paying UK and French tax) and that’s pretty much what they do here.

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mY chosen charity is the CRBF It does a great job and works hard . The Colin Rodgers Benevolent Fund

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