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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To think people who own more than 3 properties should have a special tax applied to them?

794 replies

Calltheguards · 28/05/2019 10:32

I'm just thinking with the housing crisis, should people really own more than 3 properties? I would assume it's a property portfolio and used to exploit renters. AIBU to think there should be a special tax applied to property owners who own more than 3 properties? Maybe tax them at a really high rate to discourage people from hoarding property.

OP posts:

Aus84 · 28/05/2019 10:43

A parasite? Seriously??

OP some people work damn hard and invest their money smartly. Property is just one type of investment and we do get taxed on that. I choose to invest in property because it's going to be very difficult for my children to buy their own home by the time they are ready. I am doing it for them. In the meantime, I am a very fair landlord.

Fuck off.

ISpeakJive · 28/05/2019 10:44

As if we are not taxed enough....

titchy · 28/05/2019 10:45

What benefit are they providing for society

Errrr somewhere for people to live? What's the alternative - large tents?

IvanaPee · 28/05/2019 10:46

How is a landlord a parasite?

This is akin to the thinking behind booting “old” people out of their houses because younger families need the room.

What, and I cannot stress this enough, the fuck?

ForTheLoveOfDoughnuts · 28/05/2019 10:46

Charge them higher taxes.. making rent even higher.. well done.

titchy · 28/05/2019 10:46

I guess if you acknowledge the housing crisis and try to find a solution then you are just jealous

Landlords renting out their properties are part of the solution....

Sirzy · 28/05/2019 10:47

My dp rents out two properties. Both to people who get housing benefit. If houses weren’t available for rent they would have nowhere to live, especially not with the lack of council housing. They are good tenants, he is a good landlord. It’s a win win situation.

It’s no where near as simple to say “less properties to rent means more to buy” because so many people who do rent won’t be in a position to buy no matter what

dazzlingdeborahrose · 28/05/2019 10:47

Hmmmm. I own 3 properties. One is my own home. Two is my previous home in which we now house my parents in law. Rent free. Three is the property I inherited from my parents in which my brother lives rent free.
Yes, parasitic leeches such as myself should definitely be taxed more.

Original poster

Calltheguards · 28/05/2019 10:47

Maybe if the property wasn't hoarded and sometimes left empty for numerous months in the year it could be purchased at a reasonable price by the renters who work in the community? The special tax could go towards social housing and then there wouldn't be a need for so many monopolistic landlords.

OP posts:

Whosorrynow · 28/05/2019 10:48

Surely anyone can see that rentierism is parasitic in nature?

NailsNeedDoing · 28/05/2019 10:48

Landlords do pay tax, plenty of it. And as long as their properties are occupied by people that want to live there, then they really aren't contributing to the housing crisis.

Maybe we should tax people who have 3+ children at a higher rate, as it's guaranteed that they will be contributing to the housing crisis and the problem of supply and demand, as well as costing more in public services

ItsAllGone19 · 28/05/2019 10:48

I think it needs to go further. Only 2 properties should be owned by a person, one to live in, one for investment purposes if that's their wish. Anyone owning 3 or more properties should be legally obliged to let them out at local authority set social housing rates with the same protections as social housing.

Secure housing is a massive problem in this country. Sadly, just like re-nationalising critical services like utilities and the rail network there would be too great an impact on people financially so it'll never happen.

The rich keep getting richer, and society doesn't give a damn about anyone else.

IvanaPee · 28/05/2019 10:48

Why should it be?

Why should someone sell something they don’t want to sell, just because it’s empty a few months of the year?

Are people not allowed to have holiday homes according to you?

kaytee87 · 28/05/2019 10:48

People with extra properties do pay extra tax anyway.

My mum jointly owns her home with her DH, she owns the house my brother, SIL and kids live in (they pay her a small rental), she's just about to buy a small holiday home at the sea side for us all to enjoy.
I wouldn't say she's property hoarding.

butteryellow · 28/05/2019 10:49

Actually I think environmentally there is a point - if you're renting a house, then you can't make changes, and the landlord has no motivation to upgrade for changes (in fact, they can only claim as an expense like-for-like maintenance, not improvements) - so for example, the house I'm renting has no thermostatic radiator valves, poor insulation, the hot water tank is barely lagged, the loft not insulated at all and the windows are drafty, and I have an ancient controller for the boiler, so if I want hot water I get the heating as well (unless I run around the house turning all the radiators off myself). The appliances are all ancient and cost a fortune to run.

In the house I used to live in and now rent out in another part of the country, I'd upgraded to a combi boiler, so water is heated as needed and there's no hot water tank, all the radiators have thermostatic valves, there's new double glazing and doors, insulated everywhere. All the appliances are energy efficient, and the energy consumption as a result is very small.

I think that there needs to be regulation around the rental market, so landlords have to make improvements to their housing stock in line with current energy saving standards (probably not up to the standard of new builds, but what is practicable given the existing house)

Marchitectmummy · 28/05/2019 10:50

Someone has to own property in order for those who wish or need to rent to do so. You think no you have a solution but you don't. Try to focus on you and how you can improve your chances of owning a property if that's what you want rather than focusing jealousy on others.

IvanaPee · 28/05/2019 10:50

That’s actually a sensible suggestion.

PettyContractor · 28/05/2019 10:52

Actually, in the interests of fairness, we do need more tax on property. But the tax we need is one that affects owners with a paid off mortgage. If they live in it they get a tax-free imputed income from their property, which means they pay much less income tax relative to their standard of living than people in other situations. (It's not impossible, I think Switzerland does this.)

Properties let at a market-rate are a non-issue, in terms of fairness and public policy. The tenants has no tax-free imputed income, and the landlord pays tax on the rent they receive.

Where a mortgage-free property is left empty for some reason, paying tax on the hypothetical income it could be generating would be a good way to make the owner reconsider the benefit of leaving it empty.

Original poster

Calltheguards · 28/05/2019 10:53

I already own property so I'm not sure why there's so many assumptions of who exactly I am.

OP posts:

booblessmonster · 28/05/2019 10:53

Landlords pay higher rate stamp duty when they purchase the property. They then pay tax on their rental income. They also pay a management company, who pays tax on their income.

Do you think if landlords didn’t exist, everyone in rented would suddenly be able to buy a house? No. The burden would fall on housing associations who pay no tax and rents are subsidised.

Marchitectmummy · 28/05/2019 10:53

@IvanaPee
There already is a regulation to improve housing stock environmental performance in place. At present all properties performing less than G I think can not rent the property legally until it is improved to I think E. That's step one that came into force in Feb or April. Next year the same is being asked of all properties rented with EPC F and so on.

araiwa · 28/05/2019 10:54

All these extra taxes and costs for landlords. Who do you think will ultimately end up paying them?

IvanaPee · 28/05/2019 10:54

Thanks, Marchitecht. That’s good to know!

kaytee87 · 28/05/2019 10:54

I already own property so I'm not sure why there's so many assumptions of who exactly I am.

What are you talking about?

PancakesAndMapleSyrup · 28/05/2019 10:56

I'm a renter and I don't blame landlords, they took the opportunity when it came to buy cheaper property or to invest in it. Who wouldn't jump at that chance I certainly would. However I actually direct my fury at the banks. Both my husband and I have secure jobs, we earn a decent wage around 58k before tax BUT we pay a horrendous amount in rent each month. The bank refuses to lend us the money for a mortgage, despite the fact it would be around 50%of the rent we pay. We did have a deposit but that went on other things in the end. It's a nightmare. I can't see us buying anything within the next 10 year's.

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