[Finance] Buy to Let Mortgages

[Herr Tubthumper]

What rate?

One point something, can’t remenber exactly. I’ll look when I’m back home.

 

[SK1NT]

Jeez, lighten up. For the record, I enjoyed your detailed and well put together post. One of many informed posts on this thread.

sorry i just assume that i am being attacked on here

 

[Weststander]

It's not actually a token gesture at all. It's very clever.

Dressed up as an attempt to lower house prices and help first time buyers it's actually the opposite. The policy either increases tax take from middle earners or forces them out of the market so more properties get into the hands of the rich who already have their portfolios in a Ltd company.

This will mean the big boys will have greater control over rent levels and be able to screw tenants more and keep house prices as inflated as possible.

It's a Tory policy. Actually it's one of the most Tory policies ever. Clever shit.

I disagree that it was a furtive attempt to enrich the super rich whilst forcing out the middle and quite wealthy from the BTL sector or home buying in general.

But I agree that it will only strengthen the super rich, in error.

All the policies implemented by all central governments OF ALL PARTIES over the last 21 years have created a housing market that has priced out the poor and even professionals (teachers, nurses, etc) on moderate incomes. The bottom line is that far too few homes have been built for the huge hike in population and increasing number of households following changes in family units. Governments have repeatedly said that they're going to get tough with nimby councils, but to date nothing in law has actually happened. In the meantime the years and decades roll on.

 

[Renegade1]

It’s a tough time for savers. Undoubtably property remains a decent long term bet though .
You’ve had enough advice though renegade. Are you going to do it or not ?

Never a question of not doing it.Just wanted to know a bit about BTL mortgages etc.

 

[Weststander]

Has anyone tried eis as a way to avoid capital gains tax when selling second property?

Evasion, tax fraud you mean.

Yes, through my work I've seen a few people who made this 'mistake'. This included people who'd gifted second homes to members of their extended family at under value or nil. They all got caught because HMRC and Land Registry now share data, and HMRC have engaged large numbers of inspectors to check this through. As well as having to pay the CGT, they paid substantial tax penalties and interest.

 

[Renegade1]

Has anyone tried eis as a way to avoid capital gains tax when selling second property?

Ask Triggaaar.He's into fraud.

 

[Weststander]

Ask Triggaaar.He's into fraud.

Alan Pardew - fraud by misrepresentation as a PL quality manager.

 

[DJ NOBO]

Evasion, tax fraud you mean.

Yes, through my work I've seen a few people who made this 'mistake'. This included people who'd gifted second homes to members of their extended family at under value or nil. They all got caught because HMRC and Land Registry now share data, and HMRC have engaged large numbers of inspectors to check this through. As well as having to pay the CGT, they paid substantial tax penalties and interest.

As I understand it , investing in eis schemes isn’t tax evasion . It’s actively encouraged as a way of financing start-ups. I’m not sure how successful people have found out though

 

[DJ NOBO]

sorry i just assume that i am being attacked on here

You’d usually be right ......retaliating hard and fast is a good policy on nsc

 

[Triggaaar]

Ask Triggaaar.He's into fraud.

Nice that all my time and effort trying to help you has been appreciated.

 

[Weststander]

As I understand it , investing in eis schemes isn’t tax evasion . It’s actively encouraged as a way of financing start-ups. I’m not sure how successful people have found out though

That’s into far more complicated and costly aspects of tax and investments, where part of CGT gains might be deferred by investing into qualifying trades and gaining HMRC approval. People should take advice from qualified tax accountants and good IFA’s, whilst avoiding the hundreds of ‘accountants’, ‘specialists’ running schemes found in any google search.

https://www.accountingweb.co.uk/tax/personal-tax/how-to-reduce-cgt-due-by-8

Finally, the legislation in this area frequently changes, so further care is needed.

 

[DJ NOBO]

That’s into far more complicated and costly aspects of tax and investments, where part of CGT gains might be deferred by investing into qualifying trades and gaining HMRC approval. People should take advice from qualified tax accountants and good IFA’s, whilst avoiding the hundreds of ‘accountants’, ‘specialists’ running schemes found in any google search.

https://www.accountingweb.co.uk/tax/personal-tax/how-to-reduce-cgt-due-by-8

Finally, the legislation in this area frequently changes, so further care is needed.

Thanks for reply. I worked it out that when you take all the tax relief into account , you’re only risking 14% of your money with eis. But your money is tied up for ages, and it seems like a ball ache .
My ifa friend says it’s s no brainer to take the eis route, if you’re facing cgt.

 

[Weststander]

Thanks for reply. I worked it out that when you take all the tax relief into account , you’re only risking 14% of your money with eis. But your money is tied up for ages, and it seems like a ball ache .
My ifa friend says it’s s no brainer to take the eis route, if you’re facing cgt.

I use an IFA and have worked with others, but obviously they have a 'more business' angle. Also, EIS is only a deferral relief, so the full whack of tax is eventually paid to HMRC.

 

[Renegade1]

Nice that all my time and effort trying to help you has been appreciated.

Hey buddy.My main man.Don't be like that.I was just trying to be humorous.

You're a top guy.If I was a fit girl I'd let you do me just to show appreciation.

 

[Uncle Spielberg]

I thought this might make 4 pages and here we are on page 32. Exrtraordinary !

 

[Weststander]

I thought this might make 4 pages and here we are on page 32. Exrtraordinary !

Knowledge has been well and truly tapped.

 

[DJ NOBO]

I thought this might make 4 pages and here we are on page 32. Exrtraordinary !

It has the feel of a boring dinner party that’s dragged on past 3am

 

[Triggaaar]

Hey buddy.My main man.Don't be like that.I was just trying to be humorous.

You're a top guy.If I was a fit girl I'd let you do me just to show appreciation.

 

[Renegade1]

Evasion, tax fraud you mean.

Yes, through my work I've seen a few people who made this 'mistake'. This included people who'd gifted second homes to members of their extended family at under value or nil. They all got caught because HMRC and Land Registry now share data, and HMRC have engaged large numbers of inspectors to check this through. As well as having to pay the CGT, they paid substantial tax penalties and interest.

I wonder how likely it would be that you would get caught if you didn't declare your rental income.
Especially if the property you rented was abroad.If you transferred the rent money to a UK bank
and then sold the property and didn't declare it.I wonder what are the chances with so many
cases the tax office have to deal with.

 

[DJ NOBO]

Hey buddy.My main man.Don't be like that.I was just trying to be humorous.

You're a top guy.If I was a fit girl I'd let you do me just to show appreciation.

Well, you clearly have a few bob, so if you ARE a fit girl as well, then you tick my only two boxes. I’m interested.

Love

Dale x