Goverments Emergency legislation details Covid 19

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    #46
    Most likely cut will be the "9 months extension to main residence period" when property is put to the letting market.

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      #47
      Reported in the Times 13Jun 2020,

      The tax man is cracking down on bogus coronavirus related claims for government support. HMRC has said £27 Billion has been paid for job retention scheme and self-employment income support scheme. There is growing concern that many people and companies are exaggerating claims or may have not been entitle to support.

      HMRC is expected to followup whistleblower tip-offs,using its Connect computer system to flat anomalies in claims.The government has received about 1900 fraudulent claims. About 8.9 million people were furloughed and 2.6 Mill claims under the self-employment scheme.

      HMRC said " we will not seek out cases of innocent error or small mistakes for compliance action. A penalty would only apply in cases of deliberate non-compliance.

      I wonder if exaggerated claims is deliberate non-compliance ?

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        #48
        Be interesting to see how the self employed scheme could be gamed.
        It was run by HMRC based on their own data.

        The furlough scheme sounds like a bit of a oddity - millions of people were made to work while furloughed which broke the rules.
        But it kept millions of people working and bailed out the employers.
        Which seems to have been the point.

        Be funny (not ha ha funny) if HMRC now starts clawing payments back and putting companies out of business.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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          #49
          Furlough scheme ends in Oct 2020 and some workers may be laid off and not be able to pay their rent. So some BTL landlords may find the rental income has stopped and having a longer waiting time for a new tenant.

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            #50
            Posted on BBC website today >

            Holidaymakers will face "chaos and hardship" if coronavirus quarantine measures are reintroduced for those arriving to the UK from Portugal, a travel industry leader has warned.

            Portugal has recorded 21.1 virus cases per 100,000 people in the past week.

            The UK considers imposing 14 days of isolation on travellers when a country's infection rate exceeds 20 cases per 100,000, over seven days.

            The boss of British Airways' parent firm said the numbers were "arbitrary".

            It was only on 22 August that Portugal was added to list of countries that are exempt from UK rules requiring travellers to self-isolate for two weeks, prompting a rise in searches for flights by British holidaymakers.

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              #51
              The change from monitoring deaths to monitoring cases was because deaths were almost zero, and TPTB were losing a method of control.

              Can you imagine a year ago, telling holidaymakers to Portugal they had to isolate for a fortnight, as one in 5000 people there has a nasty sniffle?

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                #52
                Here is some info on Treasury proposals for raising capital gains tax :

                It says the average higher rate taxpayer landlord in London could see their bill rise by nearly £27,000 to almost £90,000 as a result of the proposed changes.

                The Treasury proposes increasing the CGT rate from 28% to 40% for higher-rate taxpayers and from 18% to 20% for a basic taxpayer.


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                  #53
                  Originally posted by Gordon999 View Post
                  Here is some info on Treasury proposals for raising capital gains tax :

                  It says the average higher rate taxpayer landlord in London could see their bill rise by nearly £27,000 to almost £90,000 as a result of the proposed changes.

                  The Treasury proposes increasing the CGT rate from 28% to 40% for higher-rate taxpayers and from 18% to 20% for a basic taxpayer.

                  Presumably there's no bill at all if you don't sell anything?

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                    #54
                    This came up on my Youtube feed today. I bet it won't be here for long.

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                      #55
                      Originally posted by 45002 View Post
                      There a link to the bill which which is only 239 pages long !
                      Sounds like my energy bill.
                      There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

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                        #56
                        Another tax break which may be axed is the entrepreneurs' tax relief which allows business people to pay 10% rate tax on capital gains when they sell sell qualifying business assets compared to normal 20% rate. This tax break was introduced by Alastair Darling in 2008 to encourage people to start new business.

                        The Institute of Fiscal Studies ,last year, said the relief does little to promote business investment. A Director at the Federation of Small Businesses has said that for many owners the business was their pension. "What happens to all the people who have been waiting to access this relief for years.?"

                        Reported in the Times on 18 Jan 2020..

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                          #57
                          The Chancellor announced a job support scheme in Parliament today , to keep employees in a job whilst working part-time for next 6 months period from November.

                          He also announced a grant of £1875 for self employed but I didn't think it would give any benefit to BTL landlords.

                          The only benefit I could identify for BTL landlords is the tax due in January 2021 can be paid spread over the whole year at no interest charged by HMRC. .

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                            #58
                            Copied from bbc website: How are the rules enforced?

                            From 28 September, anyone in England who does not self-isolate after a positive test could be fined up to £10,000.

                            In Scotland, you can be currently be fined £480 for breaking the rules, in Wales the fine starts at £60 and doubles for each further offence, and in Northern Ireland fines can be up to £1,000.

                            How long must I stay at home?

                            If you have Covid-19 symptoms, however mild, you should self-isolate for at least 10 days from when they started, and arrange to get tested.

                            If you have no symptoms, but have tested positive for the disease, you must also self-isolate for at least 10 days. This starts from the day you took the test. If you develop symptoms during this time, you must restart your 10-day isolation.

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