Relief from higher rate SDLT for spouse transfers – true or false?

admin    Uncategorized     agents

I would like to transfer my 50% interest in a mortgaged BTL to my spouse who already owns the other 50% as tenant in common. We also own the family home.

No CGT on transfer between spouses –

The post Relief from higher rate SDLT for spouse transfers – true or false? appeared first on Property118.

View Full Article: Relief from higher rate SDLT for spouse transfers – true or false?

Our property tax strategy finally has clarity

admin    Uncategorized     agents

For far too long now my husband and I have been worrying about section 24 and tax on capital gains. We have already sold three properties and our strategy is to pay down mortgages. The problem was that the CGT our accountant calculated takes such a huge chunk of the net sale proceeds.

The post Our property tax strategy finally has clarity appeared first on Property118.

View Full Article: Our property tax strategy finally has clarity

Scottish Rental Reforms Impacting on Letting Sector

admin    Uncategorized     agents

Tenancy Reforms:

A new survey finds that landlords’ rental property sales, only moths after the introduction of major tenancy law reforms in Scotland, have outpaced purchases by five to one.

A National Landlords Association (NLA) survey shows that over the last three months almost a quarter (24%) of landlords with properties in Scotland have sold, but only 5% have purchased new properties.

The data relates to property transactions between April and June this year, starting just four months after the Scottish Private Residential Tenancy was introduced last December.

The figures could represent a dramatic turnaround in the buy-to-let landscape in Scotland, which, if the trend continues, could significantly affect the supply of rental accommodation in Scotland.

The new Scottish tenancy, according to the Scottish government, “provides security, stability and predictability for tenants and appropriate safeguards for landlords, lenders and investors.� However, the NLA and other landlord bodies have voiced their concerns that landlords will leave the sector if the new legislation is perceived to increase their letting risk and monetary returns.

The NLA’s chief executive officer, Richard Lambert, goes as far as to say that “up to 45,000 landlords or approximately 67,000 rental properties could be negatively affected by the changes.�

“The Scottish Private Residential Tenancy system removes the flexibility of the sector to meet the varied needs of an ever changing population of renters, in particular students and those who only seek short term tenancies, such as during the Edinburgh Festival.

“Because student landlords now have to provide indefinite tenancies, they won’t be able to advertise their properties for the Festival, as they won’t know for certain if they will be free and available by the end of July. If this sets a trend, and artists struggle to find short term accommodation, the 2018 Edinburgh Festival could be the last to offer such a variety of talent.

“The last quarter has seen the highest proportion of landlords selling properties in Scotland in any three month period since the Government first announced their tenancy reforms in 2016.

“We warned these changes would unnerve investors in private rented homes in Scotland, and it should serve as a clear sign of what to expect if similar reforms are introduced elsewhere in the UK,� added Mr Lambert.

The increased level of divestment in the Scottish private rented sector should be concerning for the Scottish Government, Mr Lambert says. The NLA is suggesting that the UK government pay close attention to the Scottish PRS and its new tenancy laws before embarking on any changes in England and Wales, in particular its ongoing consultations about a 3-year compulsory tenancy.

What are the Scottish Reforms?

• Tenancies don’t have any end date, so tenancy contracts run indefinitely unless the tenant gives notice or the landlord applies to a property tribunal to use one of 18 new “grounds for evictionâ€�.
• If a tenant has lived in a property for longer than six months, landlords now have to give 84 days’ notice to leave the property. Tenants wishing to leave of their own accord need to give 28 days’ notice.
• Rent increases are limited to no more than one every 12 months. If a tenant is unhappy about the amount of their rent increase they can refer the matter to a “rent officerâ€�, part of the Scottish Government’s Rent Service Scotland.
• Scottish local authorities are now able to apply to the government to cap increases in areas (rent pressure zones) where they deem rents to be rising too quickly.
• A property tribunal now oversees disputes between landlords and tenants in Scotland, including issues such as being misled into moving out, or if their documentation about their rights and the terms of their agreement is inadequate.
• The eviction process is simplified using 18 grounds for possession and landlords are now able to apply to the tribunal if their tenant refuses to leave after an eviction “notice to leaveâ€� has been issued.
• A new model tenancy agreement, a modernised standard version, is provided by the Scottish Government, which includes standard clauses that landlords can edit to suit their circumstances.
• A standard “notice to leaveâ€� form is now in use in Scotland to end a tenancy.

Have your say about the proposed changes to tenancies in England – Open Consultation until 26th of August – “Overcoming the Barriers to Longer Tenancies in the Private Rented Sector� – see here

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Scottish Rental Reforms Impacting on Letting Sector | LandlordZONE.

View Full Article: Scottish Rental Reforms Impacting on Letting Sector

No DSS policies: Landlords reminded tenancies MUST be assessed individually

admin    Uncategorized     agents

The RLA is reminding landlords they must not impose blanket bans that discriminate against tenants on benefits. As Shelter prepares to release a new report on the issue this week, the association has reiterated its position – that landlords should assess all potential tenancies individually, and that decisions must be made fairly on a case […]

The post No DSS policies: Landlords reminded tenancies MUST be assessed individually appeared first on RLA Campaigns and News Centre.

View Full Article: No DSS policies: Landlords reminded tenancies MUST be assessed individually

Can I pay all my tax in the Isle of Man

admin    Uncategorized     agents

I live and am a resident on the Isle of Man for over 10 years. My pensions from the UK are sent to IOM without tax being deducted and I pay the tax on IOM.

I have properties in the UK and pay tax on them in the UK.

The post Can I pay all my tax in the Isle of Man appeared first on Property118.

View Full Article: Can I pay all my tax in the Isle of Man

All average deposit rates rise for first time in 7 years!

admin    Uncategorized     agents

Moneyfacts UK Savings Trends Treasury Report data (not yet published) highlights the savings market’s continued recovery, with all average rates increasing for the first time since February 2011.

Charlotte Nelson, Finance Expert at Moneyfacts, said:

“Many would have assumed that in the lead-up to a base rate rise

The post All average deposit rates rise for first time in 7 years! appeared first on Property118.

View Full Article: All average deposit rates rise for first time in 7 years!

Forum Spotlight: Are wasps nests a landlords or a tenants responsibility to remove?

admin    Uncategorized     agents

A landlord posted in our Forum recently a question relating to wasps nests. They were having trouble with wasps. The tenant moved in to the property in December, and the landlord recently found the wasps nest at the bottom of the garden. They posted in our Forum because they wanted to know who is responsible […]

The post Forum Spotlight: Are wasps nests a landlords or a tenants responsibility to remove? appeared first on RLA Campaigns and News Centre.

View Full Article: Forum Spotlight: Are wasps nests a landlords or a tenants responsibility to remove?

‘Central Funds’? Maybe the council will never learn!

admin    Uncategorized     agents

I must admit I never knew of such a thing as ‘Central Funds’. Perhaps P118 readers could shed some light on what it is and why we have it.

My company was issued an Abatement Notice for fly-tipped rubbish on a piece of land (read: separated off-road parking space) that I do not own.

The post ‘Central Funds’? Maybe the council will never learn! appeared first on Property118.

View Full Article: ‘Central Funds’? Maybe the council will never learn!

HMO tenant barricaded room and started £80,000 fire

admin    Uncategorized     agents

A month ago, one of my tenants in an HMO barricaded himself into his room and started a fire. He was rescued by the fire brigade, and although initially pleading mental health issues, has now been charged with arson and is on remand.

The post HMO tenant barricaded room and started £80,000 fire appeared first on Property118.

View Full Article: HMO tenant barricaded room and started £80,000 fire

Could Bulgaria be a tax haven for landlords?

admin    Uncategorized     agents

As I understand it, both the corporation tax rate and the income tax rate in Bulgaria is fixed at 10%, the lowest in Europe.

In addition to looking into becoming non-resident, by moving to Bulgaria, I have also been exploring incorporation relief.

The post Could Bulgaria be a tax haven for landlords? appeared first on Property118.

View Full Article: Could Bulgaria be a tax haven for landlords?