Possible capital gains tax break?

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  • Hooper
    replied
    Originally posted by royw View Post
    Perhaps they could stop taxing inflation. The longer you've had your property the more unfair it gets.
    In Germany I believe landlords have an annual allowance of 2% of build sum or property value for depreciation.

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  • JK0
    replied
    Does anyone know what happened when CGT was rebased to 31.3.82? Did any property you held before then become exempt from pre 1982 appreciation?

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  • doobrey
    replied
    Originally posted by royw View Post
    Perhaps they could stop taxing inflation.
    +1........

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  • royw
    replied
    Perhaps they could stop taxing inflation. The longer you've had your property the more unfair it gets.

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  • Hooper
    replied
    Originally posted by Beswick View Post
    The extra properties coming to market could reduce property prices, so you'd lose the CGT gain on the reduction in sale price. It would only be worthwhile if there's not much take-up.
    This might be solved by a permanent or longer term break applicable to all properties purchased before a particular date, so as to prevent a rush and a glut.

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  • doobrey
    replied
    Article says:

    The government is considering giving landlords a capital gains tax break to encourage them to sell second homes
    Either the author misunderstands what a second home is, or I do. I don't think they are owned by landlords.

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  • Beswick
    replied
    The extra properties coming to market could reduce property prices, so you'd lose the CGT gain on the reduction in sale price. It would only be worthwhile if there's not much take-up.

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  • JK0
    replied
    I'm just imagining what will go through contractors' minds when coming up with one of the three quotations:

    Now, I'm not going to get the job if I quote more than £10k. So let me see what sort of crappy job I can get away with for £9k. Come to think of it, I could quote £8k, and not do any work at all, other than produce an invoice for the landlord, 'proving' that the work's been done.

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  • Hudson01
    replied
    Originally posted by Hooper View Post

    Isn't it currently the case that if you can show it's too expensive you can get an exemption?
    As above it is a pain in the backside to adher too and i had heard that the current limit will be incresed to 10k.......... madness, let us see what comes from the govt and then we will all know, but i am not sure it will work out.

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  • JK0
    replied
    Originally posted by Hooper View Post

    Isn't it currently the case that if you can show it's too expensive you can get an exemption?
    They still expect you to jump through hoops to get the exemption. Can you believe this b*llocks:

    If the ‘high cost’ exemption applies, the landlord must register this on the PRS Exemptions Register. To support this exemption, the landlord is required to upload copies of 3 quotations from different installers, each showing that the cost of purchasing and installing the cheapest recommended improvement exceeds £3,500 (inc. VAT); and confirmation that the landlord is satisfied that the measure(s) exceed this amount. The exemption will be valid for 5 years; after this time the exemption will expire and the landlord must try again to improve the property’s EPC rating to meet the minimum level of energy efficiency. If this still cannot be achieved, then a further exemption may be registered.

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  • Hooper
    replied
    Originally posted by Hudson01 View Post
    Incentive or not, if EPC C comes in then i am out, my properties will never get to a C without major funds being pumped into them..... not a cat in hells chance of that, so evict and sell..... would be nice though if it did come in, just a better return for me.
    Isn't it currently the case that if you can show it's too expensive you can get an exemption?

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  • Hudson01
    replied
    Incentive or not, if EPC C comes in then i am out, my properties will never get to a C without major funds being pumped into them..... not a cat in hells chance of that, so evict and sell..... would be nice though if it did come in, just a better return for me.

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  • royw
    replied
    Who says they'll need to give you an incentive? It might be 'right to buy' in the PRS (I hope I'm joking).

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  • Hooper
    replied
    Originally posted by JK0 View Post
    I bet I know what they'll do.

    What's the betting you'll have to give your tenant a discount to buy your property, at a similar level as the cut in CGT?
    Well quite. You may be right. And that would not be much of an incentive to sell.

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  • Berlingogirl
    replied
    A CGT break would be great. I'm reluctantly seriously considering selling a property in the very near future just in case the gov brings in EPC of C or above. I don't know which house to sell as it's so difficult to decide which of my tenants to evict.

    If the gov don't bring in the EPC level C I'll have a few thousand pounds to go towards my own mortgage.

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