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Reasons to be cheerful.

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Author Topic: Reasons to be cheerful.  (Read 54 times)
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Posts: 1021

I like property

« on: November 12, 2020, 01:49:32 PM »

If you have been wondering where the money Rishi has been throwing around is going to come from,it might be some of us.One of the ideas under consideration is doubling CBT.Nice.
Posts: 4

I like property

« Reply #1 on: November 14, 2020, 08:39:40 PM »

Sounds like its definitely coming from us in the form of CGT.

 On the one hand we are like anyone else who owns property that has increased in value hugely - we have plans for the money if/when we sell the 2  rentals.

We now live in spain and were intending to sell them  (2 x 2 bedroom flats) in order to buy ourselves a home when we eventually return to the UK.    I'm not a saint and was kinda looking forward to (at last!) being able to buy something half decent when we do eventually return to the UK.

But.. I do have to agree that it is difficult for anyone on the outside looking in,  to see Landlords as anything other than getting pretty generous tax treatment for no good reason.  We get rental income which we can use to pay our mortgages, we get big increases in capital value and then as it stands at the moment, if we sell and have huge profits from property inflation, we get a reduced rate of tax on the profits that very few other people get.  So it was bound to happen and I can't see the rest of the public shedding huge tears over our plight.   The post covid books have to be balanced somehow and Landlords were always going to be high on the list for sources of further income.

So looks like we won't have the budget that we thought we'd have for our next home and will have to cut our cloth a bit sparser if we will lose 40% of the profit in CGT.  But the upside is we'll still  get to keep 60% of the profit.   

Before anyone asks, yes, we do pay tax on our rental income in both spain and in the UK and yes, it is  twice the expense having an accountant in each country. 
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