Budget predictions?

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  • hopelesslydevoted
    replied
    No it doesnt aply to residential property.

    No mention of phased tax changes for landlords or is that just a given now??

    Leave a comment:


  • Gordon999
    replied
    In today's budget :

    Personal allowance after April raised to £11,500 and threshold raised to £45000 for starting of 40% tax rate .

    Some reduction on capital gains tax for sale of businesses but not sure if applies to residential property ??

    Leave a comment:


  • Gordon999
    replied
    The Government National Debt is now over £1500 bn compared to around £500 bn level before the banking crisis .

    Leave a comment:


  • jpkeates
    replied
    osborne1.jpg
    Mending the roof while the sun is shining....

    Leave a comment:


  • loanarranger
    replied
    I think the government has already done this by the changes in taxation and the premium in SDLT and I fear Mr Osborne may not know when to stop digging the hole he has already started in this respect.

    Leave a comment:


  • andybenw
    replied
    There will be very little except hot air in this budget I think, as the government will not wish to upset people prior to the EU referendum.

    Leave a comment:


  • loanarranger
    replied
    Stamp duty 3% premium extended to Corporate BtL is my prediction on the basis that Everyman and dog has been hyping the benefit of property being bought in this form.

    Leave a comment:


  • hopelesslydevoted
    replied
    Landlords family homes will be branded & people can come in & take what they want

    Leave a comment:


  • DPT57
    replied
    No change to CGT?

    Leave a comment:


  • jpkeates
    replied
    I'd have thought a number of landlords would be middle class tories, and the last budgets have slaughtered them.

    It's going to favour large corporations and private entity companies.
    And banks and the very rich (like people who own wallpaper companies and those with inherited wealth).

    Higher rate tax band moves up a notch - George has promised to get it to £50k in this parliament.
    Interesting if he delays the tax "change" that's being set up for a judicial review, no one wants to be politically embarrassed by some judges when trying to replace a post EU vote Mr Cameron.
    No one understands SDLT anyway, so that's probably fair game.

    Ending the 25% tax free withdrawal at 55 and further hammering pension tax relief.

    Leave a comment:


  • theartfullodger
    replied
    Suspect middle-class Tories will, in general, be favoured... weird that eh?

    Leave a comment:


  • DPT57
    started a topic Budget predictions?

    Budget predictions?

    Anyone predicting any more bad news for landlords in the budget next week?

Latest Activity

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  • Tax implications of remortgaging home for a deposit on a BTL
    by Jerry777
    Hi

    I would be grateful if anyone could help with this query.

    I am remortgaging my home to raise a deposit for a BTL property, and I wondered when I submit my SA tax return, if I would be entitled to a tax credit for the interest on the residential mortgage in the same way as...
    20-06-2021, 18:58 PM
  • Reply to Need CGT help or do i ned an accountant
    by Gordon999
    I suggest you send a letter by recorder delivery :

    Tax Ref: xxxxx xxxxx

    Dear Tax Inspector,

    I am the owner of a btl property at 88 Garden terrace , Toy Town .

    I wish to inform you that my rental tenant stopped paying rent in Sept 2019 .
    ...
    20-06-2021, 14:18 PM
  • Need CGT help or do i ned an accountant
    by Sara2
    Mother died in 2007 left house to me and my 2 sibs it was family home and i lived in it until 1985 when i had my own house. My brother also lived in house at point mum died and he remained there until 2010 when not being able to sell the property i purchased whole of property by buying brother and...
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  • Reply to Capital Gain Tax on main home, but let in the past
    by Gordon999
    The first period used as main residence is 3 years plus 9 months after moving away. The second period as main residence is 2 years.

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    20-06-2021, 14:05 PM
  • Capital Gain Tax on main home, but let in the past
    by Gep
    Hi all,
    I'm thinking about selling my flat and trying to workout how much capital gain tax I would have to pay.
    ​​Accordingly to the HMRC website the rate is 28% if you let the property out, but I'm currently living there so I'm not sure.

    I've owned the property for 10 years:...
    18-06-2021, 17:32 PM
  • inherited house - best to sell or rent
    by Wobble1
    Hi all,

    My father sadly passed away in February, I already owned half of his house as tenants in common via my mothers will (passed several years before), although I didn't live there with him. Have my own house nearby. I am sole beneficiary of his will, and as well as everything else,...
    17-06-2021, 20:32 PM
  • Reply to inherited house - best to sell or rent
    by Gordon999
    If you want to keep both houses and rent out one house, you should visit 3 local estate agents and make enquiries with lettings manager :
    to check out the following info :

    1. What is the rental demand for property in your district or street area ? flats or houses ? furnished...
    20-06-2021, 13:57 PM
  • Reply to inherited house - best to sell or rent
    by Gordon999
    1. If you decide to sell father 's house now, the capital gain will come mainly from your own half share .

    If the capital gain on your half share is around £50K , the cgt tax may be around £50K less £12K allowance = £38K at 18% = £7K .

    The capital gain on the half...
    20-06-2021, 13:32 PM
  • Reply to Capital Gain Tax on main home, but let in the past
    by Gep
    Thank you!
    19-06-2021, 18:59 PM
  • Reply to inherited house - best to sell or rent
    by ram
    CGT is shown in post 8 ( i am no expert in CGT )

    Even if you let a house, it still has to be cleared of EVERYTHING, YES EVERYTHING. maybe even furnished with furniture that has stickers on saying fire proofish. empty cupboards, dressers, under the stars, garage, potting shed, tidy the garden,...
    19-06-2021, 13:20 PM
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