Gifting commercial property back to us?

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My wife and I are in our mid to late 60s, Our commercial property is in our daughter’s name (long story). She and her husband, who have a separate business of their own, now wish to have the property put back into my wife’s and my own names.

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CGT on Primary Residence? – Don’t be too hasty to judge

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A question on Capital Gains for a Primary Residence when I’ve never strictly permanently lived in the property in question…don’t be too hasty to judge, (I hope) there are a few mitigating factors!

My mother sold the family home back in 2008

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Prison terms for tenant harassment

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Illegal Eviction:

Two Sheffield landlords were handed out suspended prison sentences for illegally evicting their tenant, after a judge tells them “landlords are not above the law”,

Mark Cashin and Rory Taylor were told by the judge that some “landlords think they’re above the law, but they’re not”, before he sentenced the two men for the harassment and illegal eviction of their Sheffield tenants.

Mark Cashin was sentence to 18 weeks in prison, suspended for two years, while Rory Taylor was sentenced to 12 weeks in prison, suspended for 12 months, for several property related offences.

The court heard how Cashin and Taylor’s conduct had resulted in harassment followed by the illegal eviction of a man living in their property in Woodstock Road, Netheredge in January 2016.

Cashin of Haddon Road, Bakewell had been a property manager working for Hallam Hills Ltd, and began harassing the tenant. Although the tenant was not in rent arrears, Cashin began threatening him with a series of text messages, and verbally abused him, telling him he would send someone called Jamie Ross round to “deal with him”.

Later, Ross and Taylor, of Far Lane, East Dene, went round to the property on the 3^rd of February, 2016 and kicked down the door, before bagging up all the man’s possessions and throwing them out in the hallway, leaving a “Mickey Mouse” eviction notice drafted by Cashin.

Following this, South Yorkshire Police and Sheffield City Council became involved.

Cashin further admitted to harassing a female tenant in September 2015 at her address in Sheldon Road, Netheredge. She had asked Cashin to replace a broken washing machine at the house in multiple occupation (HMO) she was sharing.

The court heard that Cashin, who has previously been convicted of 54 property offences, had threatened to evict the woman and “throw her clothes out on the street” when she told him that if there was no machine she was going to deduct the cost of using a launderette from her rent payments.

Jamie Ross, of no fixed address, was sentenced to 12 weeks in prison, suspended for 12 months, and a further 120 hours of community for harassment of tenants, during a hearing at Sheffield Magistrates’ Court in September 2016, after admitting to the offence.

(Image shows Sheffield Town Hall)

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Bank hints at interest rate rise in May

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Interest Rates:

At the last Monetary Policy Committee (MPC) meeting on the 22^nd of March the Bank of England committee decided to leave interest rates as they are at 0.5 percent, but it hints at a rise in May, which if it comes would most likely be another quarter percent rise to 0.75 percent.

The Bank appears to be on a path of warning people that there are rises coming, with the Bank governor Mark Carney saying in February that everyone should start preparing for more rapid interest rate increases.

The March decision was not unanimous, with two members in favour of a rise to 0.75 percent right now, which is a departure from the unanimous vote at the February meeting.

Last November the BoE committee raised rates one-quarter percent 0.5 %, the first increase in the Bank Rate for 10 years.

The MPC said at this latest March meeting that with inflation above the Bank’s 2 percent target “ongoing tightening” was likely.

The same week the Office for National Statistics had said that consumer price inflation was 2.7% in February, which is down slightly from the 3 percent figure on the previous month, which itself was the lowest figure since July 2017.

Other experts including Alan Clarke of Scotiabank and Samuel Tombs at Pantheon Macroeconomics are reported as saying they are confident there will be a rise in May, and most likely further rises in the autumn or winter.

The National Institute of Economic and Social Research (NIESR) has called for a 0.25 percentage point rise going forward every six months, which would bring the bank rate to 2% by 2020-21.

The only thing that could change this path is if inflation were to fall quicker than expected and if economic growth remains weak, as too steep a rise would subdue growth and put the dampers on the economy at a crucial time – as we leave Europe.

Official figures released in March show that average earnings rose by 2.6% in the three months to January, which was at the fastest pace since 2015, and the government appeared to relax its austerity clampdown on public sector pay with a one off 6.5% pay increase for selected groups of NHS workers over three years.

This will put further pressure on inflation which could make it harder for the Bank to get it under control, without another rise in interest rates.

[Source: Bank of England]

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