Harringay, Haringey - So Good they Spelt it Twice!
Landlords
As well as extensive tax breaks landlords can also receive council grants paid by us out of our council tax "The amount of grant is half the cost of the works up to a maximum of £30,000." with the proviso that the tenants are council tenants. How many householders would like the council to contribute so well to the value of their property, or people renting enjoy a contribution to their rents.
http://www.haringey.gov.uk/index/housing_and_planning/housing/landl...
What other business has all costs of mortgage etc payed for them and at the same time the value of that business is guaranteed to rise inexorably so that when the landlord wants to sell up there is an enormous pay off.
I think it is time that rent controls were introduced again. Many other countries e.g.Canada and Germany have them and they work well.
Replies to This Discussion
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Permalink Reply by John McMullan on
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Well done for opening this up. I suspect that the original poster, ashamed of the spelling, grammar and quality of debate used by everyone opposing this fee, closed it down.
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Permalink Reply by Philip on
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i am a private landlord and I receive no tax breaks of any kind nor any subsidy at all. Indeed if I let out a property and have to pay rent at another, that rent is not claimable against tax, but all my rental income is all taxable. Further, it is true that the council will lease private property in order to house tenants but that problem has largely been caused by the selling off of council houses initiated by Thatcher who also forbade councils to use the receipts to build more housing. Haringey, I understand, has been the biggest loser in this, and contrary to other posts on the topic, these 'ex local authority' houses end up in the portfolio of private owners, who leverage their equity to build it. I know someone who has amassed 19 properties this way, starting from scratch.
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If you were a leveraged private landlord you would get to pay the interest on your loan from pre-tax rental income. I loved the ironic failure to capitalise the first word in your post.
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philip ''if I let out a property and have to pay rent at another...'' Are you renting from one person to let to another (sub letting) ?
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My point is that say I wish to move temporarily but would rather let my home and rent another then, say I receive £1000 an month rent and pay the same amount, I will be at a net loss as the rent received is taxable but the rent spent is not allowed against it.
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If you don't like it then sell the original house to fund the rent. It's your primary residence so no cgt. Voila - tax free money from the house you don't live into fund the one you do. Of course you no longer OWN the first house, but you've achieved what you wanted.
Oh - you wanted the future value of the owned house PLUS an income stream to fund your current accommodation needs? And you think that should be at no cost to yourself? Riiiight.
I can't feel too sad that you have to pay a teeny bit of tax to meet your accommodation needs, because even in this hypothetical situation you describe you are still miles better off then a renter who does not own property.
Inability to have ones cake and eat it is not usually considered that much of a hardship.
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I don't think you quite understand the tenor of the discussion which is the issue of housing and particularly rented accommodation. The point I am making is just one of the many inconsistencies around the issue. I am not making a moral point nor do I want to be trolled about it. If you want the moral high ground on individuals you might think of looking elsewhere?
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I don't think you quite understand the nature of public fora. If you make a statement, it is open to public debate, disagreement and criticism. You don't get to define what tenor of repose is allowed.
If you were just looking for agreement, no doubt there are plenty of landlord sites where you can preach to the converted and receive their validation. Or if it's just that you prefer one way communication, perhaps a lecture theatre or newspaper column would suit?
But I'll humour you and play on your court.
Unless we are on benefits or own our home outright, we all pay for our accomodation out of taxed income. The fact that in your example that income is coming from letting another property is irrelevant (other than it carries with it a pretty generous set of allowances, which hardly improves your arguement).
See. No inconsistency. In fact, the inconsistency would be if you were allowed to pay your accomodation costs out of untaxed income.
Not so much trolling as shooting fish in a barrel ;x
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I agree, much of the present lack of social housing can be attributed to Thatchers sell off of council stock while forbidding councils to use the receipts for building further housing, her rationale for this and many other things was that the market would provide and now we can see what happens when the market is unfettered and there are no controls.
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