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

[Calltheguards]

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.

www.bbc.co.uk/news/business-47910700

"Work hard, pay tax on purchase of property, pay income tax on income, pay CGT on sale ...... three lots of tax and they're parasites."

Oh yes, because as we know, the hardest working are always the ones who are successful. Anyone who doesn't have money is just a feckless scrounger, obviously! No way anyone who has money could have had privileges others didn't, or luck, or had money passed down to them, obviously not.

Above is about London and Edinburgh and impact

@boobird

We've worked hard, never claimed a penny of benefits, not lived extravagant lives and decided to buy property.

Well bully for you - how jolly lovely to be extremely wealthy and understand all the ins and outs of investing your money.

Interestingly - there are lots of people who have never claimed a penny of benefits who don't feel the need to make money from other people's poverty.

Oh lord, not this silliness again ... nobody denies there are problems in the housing situation, but isn't the pure envy and rancour behind most of this obvious enough by now?

@ClarkeMurphy I couldn't sell full stop. This was 2 years ago and my house has been on the market since without a viewing or sniff of interest. I know that being tenanted puts people off viewing. I would happily accept an offer as long as it covered my outstanding mortgage. (Which is about 60% ltv so someone could have a bargain). Surely I shouldn't have to sell at a loss? But seriously I would consider it if I could offload them. The stress of them keeps me awake at night quite regularly and is a big cause of my anxiety. So not all landlords are evenly parasites. But whilst I am a landlord I make sure that my tenants have a house that I would love in myself. I even pay for a deep clean once every few months as well as all general upkeep.

Because when my DH and I moved in together we couldn't sell our properties. Do you know why OP? Because there were too many new build estates with massive incentives nearby. Why spend £200k on my 1920's semi, when they can get a new build and pick the bathroom and kitchen and tiles etc

When you say that you couldn't sell your properties what you really mean is no one was prepared to pay the amount of money that you wanted for them
drop the price to what people are prepared to pay and you will sell
A house is only worth what someone else is prepared to pay for it

@IAmAlwaysLikeThis I had nothing given to me, nor did my husband. I've had no luck, no inheritance (had to pay towards both DMs funerals) so no I'm not privileged in anyway.

Nor have I ever taken from society but as I've said I've made choices, I won't repeat them you ignored them in my other post.

No way is everyone that doesn't buy or have money to buy feckless but nor are all
Landlords greedy bastards.

How much do people imagine house prices would fall if landlords started selling in large numbers? 😮

What a ridiculous statement OP, have you actually looked into what it costs to own and rent out properties?

They do pay extra tax, payments, tax on earnings etc etc anyway.

Sounds like you’re just pissed you can’t own 3 properties

There was also something in the news about people ignoring the 90 day rule for short term lets.

Pretending there are no issues with any of this and saying op is simply jealous is not, well. This seems to be the thing now. Nope disagree shut up shut down conversation. Rather than thinking about it.

" pure envy and rancour "

Wanting fairness is pure envy and rancour?

I would fucking love to be able to afford a house. So yeah, I guess you could say I'm envious if that's what floats your boat. Not everyone operates on a level of 'me me me' however.

The difference is that even if I could afford to buy multiple properties, I wouldn't, because I don't think it's fair.

Well bully for you - how jolly lovely to be extremely wealthy and understand all the ins and outs of investing your money.

I'm not extremely wealthy and the understanding the ins and outs of investment is out there for you to access too! It's not just available to me...

@IAmalwayslikethis

Why isn’t it fair ?

Why is it that whenever these issues are brought up, people come out saying 'you're just jealous'?

It's really so childish. It reminds me of five year olds winding each other up.

People can have an opinion and not have it based on wanting something you have, you know.

sorry I shouldn't have to sell at a loss
Do you think you should be protected from losing money, really?
Do you think that if you bought at the height of the property market and then circumstances mean that you need to sell when prices have dropped that you should be protected that no bad luck should ever touch you?

I agree. I think there should be registered landlords who a) agree to an inspection to ensure it is habitable and b) agree to charge rent according to a LA set rate. These registered landlords should not face higher taxes since they are providing a public service of providing good quality reasonably priced housing. Other landlords should be charged higher rates and should have to describe their properties as unregistered property for rent.

since read my previous post.

Agreed. What is a necessary basic good for all should not be merely an investment vehicle for some. There should be some market interventions, tax, rent control, limits on lending multiples etc. Those saying you dont understand supply and demand, dont understand economics. Those who are saying you are jealous dont understand social justice.

How is it good for the environment for an individual to own more than 3 homes? What benefit are they providing for society?

What?

The houses exist whoever owns them. People need homes to live in, so whoever owns them, they get rented out, thus helping alleviate the crisis.

And people are taxed very heavily on their subsequent homes to their main residence.

Is this housing crisis simply the one where you can't afford to buy a house then? Why would other people not buying them make them cheaper (and be better for the environment)?

The country where I live has huge taxes on any properties you have beyond two. And it's fair. Because there are literally thousands of flats lying empty, areas that are ghost towns, and still more flats being built, despite no one living in them. Green belt being built all over and people unable to afford to buy

OK, that doesn't sound as if it's working on the face of it.

A previous poster said:

"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."

I'm genuinely curious as to whether these two "rent-free lets", for want of a better term, are regarded by HMRC as taxable benefits, and therefore declarable.

" the understanding the ins and outs of investment is out there for you to access too! It's not just available to me..."

You realise not everyone has time/access to education, right? Not everyone has the capital either.

wanting life to be organised fairly so that everyone has a chance, so that everyone can have basic things like education, healthcare, a secure and affordable home, that isn't jealousy it's just common sense
wanting life to work well for a majority of people rather than just for the few at the expense of the many, that's not jealousy it's just basic human decency

@BeardyButton there is additional tax both on purchase and sale and income tax on rent....