to be happy that "Generation rent" is finally being recognised

(109 Posts)
vitaminZ Mon 12-May-14 11:32:29

Ok, I know Labour have a lot of responsibility in causing the ridiculous housing bubble and encouraging BTL but I am happy that the issues experienced by tenants in the private rented sector are finally coming into the political consciousness. I know it is cynical of Labour to use this issue to get votes but since none of the other parties seem to care about the millions of renters stuck in shitty accommodation with no security of tenure and no hope of ever owning their own home, any party that raises this is going to get my vote. Well done Miliband. It's not perfect but it's a start.

www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/10799998/Labour-to-cap-landlords-rent-on-buy-to-let-homes.html

mimishimmi Thu 15-May-14 01:27:39

It's a bad idea to impose controls but I do think LL's who offer longer leases and moderate rent raises could be rewarded through tax concessions for doing so.

AgaPanthers Thu 15-May-14 17:08:08

Landlords already get substantial tax concessions. Tax increases would be more appropriate.

HoopyViper Thu 15-May-14 19:45:35

Is there room for a graduated scale of tax?

So, higher tax on short-term lets, lower rates for long-term.

I don't know what impact that would have.

ReallyTired Thu 15-May-14 22:14:16

"Landlords already get substantial tax concessions."

No more than any other business. What tax concessions are you thinking off. Landlords can ofset the cost of maintainance from their income. If you prevented them doing that then landlords would not do any maintainance and that would hurt the tenant. Encouraging landlords to do maintainance is good for the ecomony.

"Is there room for a graduated scale of tax? "

We have a graduated scale of tax already. All landlords have a personal allowance. Depending on their income they are either base rate tax payers or pay tax at the higher rate.

"So, higher tax on short-term lets, lower rates for long-term."

The only way to do that would be to reform stamp duty. At the moment a long term let is considered to be a lease and attacts stamp duty.

AgaPanthers Fri 16-May-14 10:48:19

"No more than any other business."

But landlordism is not any other business, it's based on buying up the supply of shelter, which is a basic human right.

Also I'm pretty sure it's easier to avoid capital gains tax on a £500k BTL sale than it would be selling £500k worth of shares, say.

ReallyTired Fri 16-May-14 11:51:40

"But landlordism is not any other business, it's based on buying up the supply of shelter, which is a basic human right. "

Tesco sells food. Is that a human right? Should TESCO, Sainsburys and Waitrose be taxed differently because food is a human right.

"
But landlordism is not any other business, it's based on buying up the supply of shelter, which is a basic human right. "

Landlordism supplies shelter to those who cannot or don't want to get a mortgage. People need choice and if the only landlord is the council then people won't be able to find accomdiation quickly.

AgaPanthers Fri 16-May-14 12:17:27

The difference is that Tesco are manufacturing and importing food, which is basically unlimited in supply relative to UK demand. Landlords are buying up supply. Also food is fungible, unlike say homes for someone working in London.

The supply of properties to live in is very strictly controlled in the UK and it's not comparable at all.

"Landlordism supplies shelter to those who cannot or don't want to get a mortgage. People need choice and if the only landlord is the council then people won't be able to find accomdiation quickly."

That is because landlordism PREVENTS people getting mortgages. We have far too many landlords now. Compared with 20 years ago, home ownership has fallen and private rental increased, and this is because there are now so many more buy-to-lets.

It doesn't constitute 'choice' when your only option is to rent off a landlord.

Buy-to-let is a bad thing.

cestlavielife Fri 16-May-14 12:59:24

I am on a two year AST. it allows for annual increase up to 8%. (and having tog et landlord to make basic repairs to appliances and windows etc but that is another issue)

my last landlady did not raise rent in six years.

cestlavielife Fri 16-May-14 13:00:50

allowing BTL to take off mortgage interest from their income for tax purposes is a massive tax concession.
wear and tear yes,
maintenance yes.

but the mortgage interest relief is huge.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now