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Chris Cooper

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BSSF some facts for you: S24 is not a partial removal of tax relief - it is 100% removal with a tax credit applied after the tax has been calculated. It does not "equal the playing field" - Quote from IFS (you will recall that Cameron stated the IFS is the gold standard in economic forecasting) "The reduction in generosity of tax deductions for landlords’ mortgage interest is not reducing a net tax advantage of buy-to-let but increasing its tax disadvantage relative to owner-occupation." Another from ICAEW "The Chancellor introduced the change to 'create a more level playing field' but as the measure does not apply to companies far from being level it leaves the playing field with a cliff edge in the middle." Both IFS and ICAEW are independent and not involved in the industry. Interest only mortgages do not facilitate tax avoidance, BTL mortgages have lower default rates / arrears than owner occupiers mortgages and an interest only BTL mortgage does not breach mortgage conditions. Perhaps a little more research before posting might give more credibility to your comments.

From: Chris Cooper 14 December 2016 09:43 AM

Hi Paul. The measures will cause many thousands of low rate tax payers to be moved into the higher rate bracket, and some will be moved from lower rate all the way into additional rate, where they will start to lose their personal tax allowance. If new BTLs are set up in a corporate structure moving forwards then the new measures will not affect them. However, most landlords will have set up their BTLs as individual, unincorporated landlords and so the measures will affect them however long the mortgage has existed and therefore the effect is retroactive. Transferring existing properties into a corporate structure will, in most cases, attract CGT and SDLT.

From: Chris Cooper 19 April 2016 18:19 PM

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