You know this new 'expense'..?

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    You know this new 'expense'..?

    This new SDLT that is expected to hit us very shortly... 3%... so a £100,000 house will cost you £103,000... is that extra £3,000 an allowable expense? It's an expense incurred through purchase of the property and running of the business...

    #2
    Yes, AIUI, against CGT when you sell, against CURRENT RULES. Not for Income Tax (which was only brought in December 1798 to pay for fighting the French.......plus ça change..)
    see e.g.
    http://www.telegraph.co.uk/finance/p...e-profits.html

    But FK what the chancellor may do this budget or all the other budgets between now & when you sell.. (either to the advantage of wicked landlords or to their disadvantage...)

    Property, it's a long-term game....
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      Wow. I was kinda kidding / having a laugh. Ideally, it would be nice to have it as an allowable expense when it's incurred... but if there's ever real chance to count it, legally, that's nice. That £3,000 is [almost] immediately nearly halved.

      Always good to keep some money back to fight the French, just in case.

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        #4
        As Churchill might have said

        " We will fight them on the Rugby field, we will challenge them on the Cross channel ferries and most of all we will block up the Channel Tunnel"
        Vive la Angleterre

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          #5
          Ah Winnie: Son of an immigrant.... (for the avoidance of doubt, great son & great war-time leader...)
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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            #6
            Of course if 3% were to become 10% or 20% all would be well in the world, as legislation is always correct.

            (Note, those who haven't read mine and Hippos recent discussion in another thread will not get tbe joke.)

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              #7
              Originally posted by andybenw View Post
              Of course if 3% were to become 10% or 20% all would be well in the world, as legislation is always correct.

              (Note, those who haven't read mine and Hippos recent discussion in another thread will not get tbe joke.)
              Well, it would be correct and agreed to... I would not be buying any property, though. I'm in the throes of buying my last one and we're hoping to avoid the 3%, but the Vendor has agreed to drop his price by that amount if we do not. Still a bit edgy about it. Sadly, I learned from my Solicitor today that his Solicitor has "gone bust"... verified as I walked past their office today! Spanner, meet Works.

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                #8
                Well, saw the Budgie!, and at least the bigger (15+) Landlords now appear to be in the same boat as lil' ole me.

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