What affect would taxing second homes have on the economy

[Psycho Sonny]

This is a genuine question I'm particularly interested in.

If home ownership continues declining and companies like Google etc keep gaining dominance what do you think is going to happen?

My view would be people get poorer and poorer asset wise. And thus a bigger and bigger burden falls on few people.

More you raise things like NI more. You just pass the burden down.

Let's go extreme and say we get to 20 percent of people owning thier own home at death.

Who picks up the bill for end of life care?
How do we pay for it? To me this pyramid scheme is starting to fall apart.
If everyone is paying landlords rent.. Isn't that end of life care money just paying off the landlords?

Do we just go 'tough luck, fend for yourself?'

There will always be people at the top with a lot and people at the bottom with not a lot.

Either you are for communism or capitalism.

Communism seems to be working great in China and North Korea.

People will have homes. They just won't be beach front property or in the centre of London.

There is plenty of cheap housing available and other options out there.

 

[arknor]

Communism seems to be working great in China and North Korea.

how very black and white of you.

 

[Scam]

Actively making it harder, never heard anything so ridiculous.

Why is that ridiculous? They are enforcing a larger burden on younger, working people. It is exactly that; making it harder by taking away hard earned money into the tax coffers.

You sound like a person with the "usual sob story" about entitlement and how unfair the world is, instead of going to do it themselves, better themselves.

lol sure thing. I'm very happy with my lot at the moment, especially in the last year or so thanks very much indeed to my own hard work.

There is plenty of cheap housing available and other options out there.

There's loads of cheap housing. Problem is none of it is anywhere near any jobs so people can, ya know, pay for food and stuff. But you always crop up in these threads with your blinkered view..

 

[Psycho Sonny]

Why is that ridiculous? They are enforcing a larger burden on younger, working people. It is exactly that; making it harder by taking away hard earned money into the tax coffers.

lol sure thing. I'm very happy with my lot at the moment, especially in the last year or so thanks very much indeed to my own hard work.

There's loads of cheap housing. Problem is none of it is anywhere near any jobs so people can, ya know, pay for food and stuff. But you always crop up in these threads with your blinkered view..

People always say this but it's amazing how people who are determined and have the right mindset manage to leave places like Afghanistan come here and find a job.

People just want everything hand delivered on a plate these days and don't want to work for anything.

That's all you get in these threads is moaners rather than doer's.

There's jobs out there for anyone prepared to put work in.

 

[tlrBeta]

lol sure thing. I'm very happy with my lot at the moment, especially in the last year or so thanks very much indeed to my own hard work.

.

Thats good, not sure what you meant by my lot though?

So you work hard, do well and you retire in c30 years? Unfortunately things have moved on and you're asked to pay more into the system.

Something tells me you wont be happy / agree to that.

Am i correct?

 

[Lopéz]

People always say this but it's amazing how people who are determined and have the right mindset manage to leave places like Afghanistan come here and find a job.

People just want everything hand delivered on a plate these days and don't want to work for anything.

That's all you get in these threads is moaners rather than doer's.

There's jobs out there for anyone prepared to put work in.

Don't often find myself agreeing with a full post from @Psycho Sonny

 

[Scam]

Something tells me you wont be happy / agree to that.

By my "lot" I just meant my life, in general. If my house begins to see gains on par with what boomers have seen then I would have little issue with that "profit" being taxed. The government should concentrate on hobbyist landlords and investors though. Buying up property needs to stop being the best way to invest/make money because it's always at the detriment of others.

 

[Psycho Sonny]

By my "lot" I just meant my life, in general. If my house begins to see gains on par with what boomers have seen then I would have little issue with that "profit" being taxed. The government should concentrate on hobbyist landlords and investors though. Buying up property needs to stop being the best way to invest/make money because it's always at the detriment of others.

Buying property has never been the best way to invest or make money outside of some outliers like London. Area is extremely important when it comes to the "best" gains.

It's also heavily been targeted over the past 6 years to the point unless you have a lot of cash you're almost certainly better off investing elsewhere.

 

[thenewoc]

Reposting this here from the Tories thread as it fits here better...

I think there should be two aspects to a landlord tax.

Every property that is not the owners main residence, eg it's a rental property should have a tax levied against the owner based on the council tax bandings as a way of tapering the level of additional tax. This could be a small to zero amount on the lowest council tax band properties but that doesn't exclude them from being hit with the levy mentioned below if they're not let out.

Secondly I think an additional levy should be applied if the property is not let. This would not be possible to pass on to a tenant since there wouldn't be one. This would create downward pressure on rental prices and deter investors buying property to remain empty. It would help rebalance the gaming of the market by investors to increase capital value by constraining supply from over investment.

 

[FoxEye]

There will always be people at the top with a lot and people at the bottom with not a lot.

Either you are for communism or capitalism.

Communism seems to be working great in China and North Korea.

People will have homes. They just won't be beach front property or in the centre of London.

There is plenty of cheap housing available and other options out there.

So it's either the Tories or Kim Jong Un. Those are the only options you recognise.

And everyone who can't afford a house is busy writing off a brand new S3 and has £1k TVs in every room.

You have no idea how the other half lives, do you. None whatsoever.

I especially love the comment, "There will always be winners and loser, just make sure you're on the winning team." It's literally "I'm alright Jack, and I'd rather not help those below me, because if everyone's doing OK then I'm not special. So *** em, I like that there's poor people beneath me. The world isn't fair, but I feel fine."

 

[Rroff]

Reposting this here from the Tories thread as it fits here better...

I think there should be two aspects to a landlord tax.

Every property that is not the owners main residence, eg it's a rental property should have a tax levied against the owner based on the council tax bandings as a way of tapering the level of additional tax. This could be a small to zero amount on the lowest council tax band properties but that doesn't exclude them from being hit with the levy mentioned below if they're not let out.

Secondly I think an additional levy should be applied if the property is not let. This would not be possible to pass on to a tenant since there wouldn't be one. This would create downward pressure on rental prices and deter investors buying property to remain empty. It would help rebalance the gaming of the market by investors to increase capital value by constraining supply from over investment.

Surely you'd want to make the more affordable homes less attractive to people who want to rent them out, etc. ?

 

[thenewoc]

Surely you'd want to make the more affordable homes less attractive to people who want to rent them out, etc. ?

You can only really do that with the empty property tax mentioned, so it depends what level that is set at for each banding. It increases the risk for the landlord to hold those properties unless their rents are set competitively to ensure continuous or high occupancy.

 

[Tefal]

how very black and white of you.

Ironic given he lived in Britain which is basically the posterchild for "grey" in-between captialism and comunism

 

[Tefal]

Reposting this here from the Tories thread as it fits here better...

I think there should be two aspects to a landlord tax.

Every property that is not the owners main residence, eg it's a rental property should have a tax levied against the owner based on the council tax bandings as a way of tapering the level of additional tax. This could be a small to zero amount on the lowest council tax band properties but that doesn't exclude them from being hit with the levy mentioned below if they're not let out.

Secondly I think an additional levy should be applied if the property is not let. This would not be possible to pass on to a tenant since there wouldn't be one. This would create downward pressure on rental prices and deter investors buying property to remain empty. It would help rebalance the gaming of the market by investors to increase capital value by constraining supply from over investment.

What about people with family/partners abroad?

How long can they be with their partner before they have to give up their own home?

Or do I just need to "let" my house to a family member or a friend for a nominal £1 or something if I'm there more than 10 months?


Oo actually totally a good business idea what's the minimum legal status for "empty" like 60 days?

You could run a good business spending say 1 week in various 2nd/holiday/investment/un let properties every 2 months to keep them "rented".

Also how many homes can you legally rent?


A tax on not let properties could be side stepped by them being bulk let to a holding company of some sort?

Tenants'r us kinda thing

 

[Chuk_Chuk]

Reposting this here from the Tories thread as it fits here better...

I think there should be two aspects to a landlord tax.

Every property that is not the owners main residence, eg it's a rental property should have a tax levied against the owner based on the council tax bandings as a way of tapering the level of additional tax. This could be a small to zero amount on the lowest council tax band properties but that doesn't exclude them from being hit with the levy mentioned below if they're not let out.

Secondly I think an additional levy should be applied if the property is not let. This would not be possible to pass on to a tenant since there wouldn't be one. This would create downward pressure on rental prices and deter investors buying property to remain empty. It would help rebalance the gaming of the market by investors to increase capital value by constraining supply from over investment.

I highly doubt that the majority of empty properties are even at a price that would be considered reasonable for house. This wouldn't affect the rental market in any great way, though it could help deter chinese investors from buying apartments in London.

 

[moon man]

Buying property has never been the best way to invest or make money outside of some outliers like London. Area is extremely important when it comes to the "best" gains.

It's also heavily been targeted over the past 6 years to the point unless you have a lot of cash you're almost certainly better off investing elsewhere.

Feel i havnt done bad woth my 100k investment 6 years ago (that was totally funded from a crumby area in west Yorkshire from a 44k pirchase) especially when i get my step count in going down the. Orchard.
Afew at work airbnb theirs out in the Summer and just live in a caravan, wouldnt tule that oit myself.
I work with Bulgarians who manage to buy down here but a lot will just moan how impossible it is and they are right with their mindset they havnt a chance, stick to the chavy beamer and iphone, safer bet
These threads tend to loop and somebody will. Say anecdotal at some point so may bail out early
I havnt mentiomed 2nd homes, aparantly a lot of Polzeath folk are ex fulham so we know who is destroying affordability luckily i am in a position not to be negatively affected

 

[Psycho Sonny]

Feel i havnt done bad woth my 100k investment 6 years ago (that was totally funded from a crumby area in west Yorkshire from a 44k pirchase) especially when i get my step count in going down the. Orchard.
Afew at work airbnb theirs out in the Summer and just live in a caravan, wouldnt tule that oit myself.
I work with Bulgarians who manage to buy down here but a lot will just moan how impossible it is and they are right with their mindset they havnt a chance, stick to the chavy beamer and iphone, safer bet
These threads tend to loop and somebody will. Say anecdotal at some point so may bail out early
I havnt mentiomed 2nd homes, aparantly a lot of Polzeath folk are ex fulham so we know who is destroying affordability luckily i am in a position not to be negatively affected

Airbnb'ing your own home is like pimping out your wife.

Do you really want random people in there doing God knows what?

Are people really that desperate for money? Couldn't have done that well off the property as you suggest.

 

[Psycho Sonny]

So it's either the Tories or Kim Jong Un. Those are the only options you recognise.

And everyone who can't afford a house is busy writing off a brand new S3 and has £1k TVs in every room.

You have no idea how the other half lives, do you. None whatsoever.

I especially love the comment, "There will always be winners and loser, just make sure you're on the winning team." It's literally "I'm alright Jack, and I'd rather not help those below me, because if everyone's doing OK then I'm not special. So *** em, I like that there's poor people beneath me. The world isn't fair, but I feel fine."

Go read my other post. There are doer's and there are moaners.

Guess which camp you fall into. It's pretty obvious from your posts that you don't do anything apart from moan.

 

[moon man]

Airbnb'ing your own home is like pimping out your wife.

Do you really want random people in there doing God knows what?

Are people really that desperate for money? Couldn't have done that well off the property as you suggest.

Dunno maybe Chuck them in a hobbit house down the garden , think the people i know they cover the mortgage with the bnb money.
Get your point about i random people i guess, not all treat with any sort of respect

 

[Psycho Sonny]

Dunno maybe Chuck them in a hobbit house down the garden , think the people i know they cover the mortgage with the bnb money.
Get your point about i random people i guess, not all treat with any sort of respect

Yeah it's the reason why folk Airbnb property that isn't their main residence and why people buy properties specifically to rent out.

It's also same for turo. I would never consider putting any of our cars on TURO but I would buy a car with the sole intention of having it on TURO. I don't want someone ragging the crap out of our cars and flying over speed bumps at 60mph. The same way I don't want ****, snot and blood all over my john Ryan mattress.