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๐—ฃ๐—ข๐—ฆ๐—ง ๐—–๐—ข๐—ฉ๐—œ๐—— ๐—ง๐—›๐—ข๐—จ๐—š๐—›๐—ง๐—ฆ – ๐˜„๐—ต๐˜† ๐˜†๐—ผ๐˜‚ ๐˜€๐—ต๐—ผ๐˜‚๐—น๐—ฑ ๐—ด๐—ฒ๐˜ ๐—ฝ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—ฟ๐˜๐—ถ๐—ฒ๐˜€ ๐—ผ๐˜‚๐˜ ๐—ผ๐—ณ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ผ๐˜„๐—ป ๐—ป๐—ฎ๐—บ๐—ฒ

1st August 2020 by Gresham Street Partners

As if the government debt wasnโ€™t going to be bad enough, the banks are going to severely tighten up on the lending requirements, their margin calls, their stress test levels. Re-financing is going to become significantly more restrained. But that is just the tip of the iceberg.

Back to government debt: the billions Sunak has to recover can only be got through taxation. So firstly, be very fearful of a WEALTH TAX. The politiciansย are talking of a tax on the assets of the Rich: sadly the โ€˜Richโ€™ is judged as those with more than two properties!! Get your properties out of your name into a company – now.

Clearly a wealth tax would not be a vote loser. To introduce a wealth tax on the BTL industry is being openly talked about. So this is another reason to get properties out of oneโ€™s own name because it would be nigh impossible to tax corporately-owned property โ€“ a wealth tax on Peter Jones, John Lewis or the owners of Harrods?! ๐Ÿคฃ

But sadly thatโ€™s not all. The Chancellor has just ordered a review of CGT rules, in particular, โ€œhow gains tax rates currently compare to income tax ratesโ€œ? A senior analyst at AJ Bell said โ€œthe timing of such a review could spark scares of a CGT raid, aligning CGT and income tax ratesโ€œ – & then with a wealth tax imminent on assets?

Targeting the rich to pay: people with two or more properties are regarded as โ€˜the richโ€™! If you are a BTL landlord you shouldnโ€™t be too keen on getting out of COVID because if you own property in your own name youโ€™re public enemy number 1, 2 and 3.

If you currently run a buy-to-let business as an individual and you think you are going to be affected by the pandemic, our team at Gresh Street Partners can help you move your portfolio into a limited company. We also recommend discussing your current situation with a Chartered Tax Accountant to help you make the right decision.

Do get in touch with us – Email: ccc@greshamstreet.com

Filed Under: Uncategorised

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