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"As Capital Gains Tax jumps to 22% in year, soaring house prices are leaving buy-to- let investors “exposed to significant CGT bills”, warns UHY Hacker Young"
These poor people. Imagine having your mortage paid by some poor sucker on low wages since you bought the property and then finding that when you want to sell (having made more in capital gains than the tennant has probally earned since moving in - most likely working long hours while you watch your bank balance grow) that you need to pay tax! Probably to pay for the housing benefit which is paid to your tennant - as you buying several houses in the area with your well-off friends has inflated the housing market to such an extent that the people living and working there can't afford it.
What is this country coming to.
You mean having supported several tenants who probably failed to pay their rent and trashed the property, having dome all those little tasks that home owners do for themselves like unblocking sink wastes and so on, and then finding that you can't deduct the cost of providing the property from your profits any more (the mortgage -S24 of the finance act), you decide to bail out and let some unrelated first time buyer have the property (no one would give a mortgage to many people who rent). Then you discover that the meagre increase in value is going to be taxed at 28% - of course, if you are in the North, there's probably no CGT as prices haven't risen. Be happy when your Council Tax is spent on keeping ex-tenants in Travelodges.
You mean having supported several tenants who probably failed to pay their rent and trashed the property, having dome all those little tasks that home owners do for themselves like unblocking sink wastes and so on, and then finding that you can't deduct the cost of providing the property from your profits any more (the mortgage -S24 of the finance act), you decide to bail out and let some unrelated first time buyer have the property (no one would give a mortgage to many people who rent). Then you discover that the meagre increase in value is going to be taxed at 28% - of course, if you are in the North, there's probably no CGT as prices haven't risen. Be happy when your Council Tax is spent on keeping ex-tenants in Travelodges.
I find it unbelievable that in this country, honest asset owning citizens are asked to pay tax. And at an signification fraction of what the proles pay on "earned" income.
It is a scandal.
I shall write to the Queen!
So what it really means is that "it hasn’t been uncommon for buy-to-let investors to see the net-of-tax value of their properties appreciate by £36,000 or £72,000 in a relatively short period". That'll do nicely - stop complaining.