Labour taxation plans

[steaming]

Rachel Reeves R4 this am told the interviewer that Labour (when in power) would raise money by taxing those with BTL property much more than at present, she opined it was wrong that “they” were “getting away with it”. No challenge from BBC or fact check as to present tax. You are warned.

[jpkeates]

I'd expect labour to tax capital gains at income tax levels.

[Hudson01]

If there is any chance in the next election that Labour can get in then i am out sooner than i thought i would be !!! And i am planning on being out sooner than i originally thought due to EPC C !!! This ' game ' is getting silly now.

[theartfullodger]

The overriding issue is that Covid & Brex**it has to be paid for. And taxes will being going up. Regardless of who is in power, as certain as night follows day.

[Hudson01]

I do concur with the above, any govt in the coming decade need to replace the funds lost due to both of those events, we are sitting ducks, so my plans to exit are on track, i just hope the CGT stays the same until i dispose of the properties.

[Neelix]

Problem is really that we all want services but are reluctant to pay higher taxes.

The amount of threads on here about tax is amazing

Personally I'm happy to pay a bit more per year on my taxes

As for Labour - they don't exactly have a good track record on fiscal management IMHO

[gnvqsos]

There is no real problem paying tax in my view-you cannot simply take,take take.Landlords are already seen by many as parasites so a bit of taxpaid makes good PR.

[SouthernDave]

Just dont sell… problem solved

If Labour get hold of this country again after Blair messed it up then we will be well on the path to becoming a socialist state and anyone who is considered well off will be in trouble. We all know that socialism doesnt work.

[DoricPixie]

I do wonder where those in England who can’t or won’t buy will be able to live as more and more private landlords exit the market. Scotland and Wales have both scrapped RTB whilst England expanded RTB to HA properties as well as council and not enough new social housing is being build to replace the housing that was flogged off with great big discounts.

[Hudson01]

Just dont sell… problem solved

Oh if only it was that simple....... when you have properties with an EPC of E and the target from 2028 is looking very likely to be a C....... selling is the only real option given what it would cost me to get them to a C (if it was even possible).

Having a BTL you cannot ...... Let ! Is akin to having a fridge full of food you cannot eat.

[SouthernDave]

The EPC enforcement is bonkers, another government plan thought up by hippies, it wont work. They dod something similar in 2016 when they said they needed to cut the cost of UK construction. Some bright spark decided the way to do it would be to make all government funded construction projects have to be undertaken in a BIM system. Laughable.

[Hudson01]

I so wish this would just go away but i honestly think it will not, we have signed up for this and we cannot roll back the promise that by 2050 we will be carbon neutral, it is coming and just like a Tsunami we need to be ready for it.

[Claymore]

Oh if only it was that simple....... when you have properties with an EPC of E and the target from 2028 is looking very likely to be a C....... selling is the only real option given what it would cost me to get them to a C (if it was even possible).

Having a BTL you cannot ...... Let ! Is akin to having a fridge full of food you cannot eat.

I can imagine a legal fight will come into play. How many EPCs are down graded by 'Assumed' no insulation etc? My own personal residence which became part of my portfolio, EPC stated 'Assumed' no insulation in the pitched roof of my kitchen extn. At the time, I pointed out it was incorrect, but as I didn't have any itemised building receipts, the assessor said he has no choice but to 'Assume' none.

[SouthernDave]

The whole thing is a mess. Global warming etc isnt going anywhere, whatever is coming is coming and we may as well spend the time and money getting ready for whatever they think it might mean

[jpkeates]

Rachel Reeves R4 this am told the interviewer that Labour (when in power) would raise money by taxing those with BTL property much more than at present, she opined it was wrong that “they” were “getting away with it”. No challenge from BBC or fact check as to present tax. You are warned.

I've just read what she said in more detail.
She was specifically talking about the 1.5% NI levy for the NHS, which is applied to income from wages but not rent or other investments.

The labour party have previously said that this is unfair, because it taxes working people more highly than people with other forms of income.
Nurses pay the 1.5% levy and investment bankers don't.