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Scrap tax exemption for buy-to-let speculators

1 Comment 3rd July 2010

Since the government is not prepared to level the playing field and reintroduce MIRAS (at 100%) for all, it should instead scrap the tax relief enjoyed by buy-to-let speculators. This exemption/deduction is both expensive (to the taxpayer), distorts the market, encourages speculative bubbles and favours a vested interest over the wider economy.

Why does this matter?

Heaven knows speculators have caused enough problems by bringing the entire western economic system to the brink of armageddon – the government should stop encouraging them with handouts like this.

The current system is is also grossly unfair since it demands that first-time-buyers subsidise the speculators who are pricing them out of the market.

In addition, if Britain wishes to return to growth and prosperity then we have to get over this idea that speculating on ever higher property prices beats working for a living.

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One Response to Scrap tax exemption for buy-to-let speculators

  1. steve says:

    Buy-to-let, second home and holiday home speculators should be taxed – and I don’t mean mere ‘adjustments’ adding a paltry £50 a year, I mean taxing to very actively discourage the practice. I suggest 60% tax on income from property, and 100% CGT on all property other than the roof over your head. In my area whole streets are BTL – a few landlords tart up the frontage once a year, but most don’t care, and the tenants certainly don’t. Result : rough neighbourhoods with no community spirit, where you used to see owner/occupiers tending their gardens or cleaning their doors etc, or just passing the time of day. Seaside towns full of holiday homes have lost their soul too.
    The media seem to trumpet rises in house prices with a great flourish, as if it’s some sort of accomplishment of society. Then they lament the fact that so many can’t afford to get on the ‘housing ladder’. i.e. house prices are too high for ordinary would-be home owners. When are they, and the government, going to realise it’s because of these greedy speculators, who just get richer and richer, and collect flats and houses without any care that they are having on the local community. And, as you say, actually encouraged by taxpayers money being very kindly effectively donated by the government.

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