Robw54
Member
- Location
- derbyshire
As a relatively recent farm tenant without the benefit of an AHA what are you generally doing to ensure provision for the future with regards to property (and somewhere to live in old age)?
Following the governments decision yesterday to effectively pass on letting fees to landlords - it seems now without a doubt, that the government of the day (and Corbyn would be even worse) has declared war on B2L - tax rises and allowance cuts already for the un-incorporated. Future interest rates increases must be nailed on. I'm sure many farmers are both tenants and landlords - using income from the B2L and also keep a hand in the property market should they need somewhere to live later in life (lets assume property has increased massively during your 30yr tenancy). Those properties will also be subject to CGT which means staged and careful disposal. The strategy is now looking deeply flawed and I fear further attacks on the lets - even when you are renting yourself and not benefiting fully from the private residence relief is my understanding.
As a big advocate of pensions, assuming the 25% allowance is in place - the maximum you could draw in today's money would be 250k - which doesn't buy much property in these parts and might well not exist in 20 yrs - and that's a 1 million pot. I wouldn't want to be 100% equities.
What, if anything are tenants doing about this?
Following the governments decision yesterday to effectively pass on letting fees to landlords - it seems now without a doubt, that the government of the day (and Corbyn would be even worse) has declared war on B2L - tax rises and allowance cuts already for the un-incorporated. Future interest rates increases must be nailed on. I'm sure many farmers are both tenants and landlords - using income from the B2L and also keep a hand in the property market should they need somewhere to live later in life (lets assume property has increased massively during your 30yr tenancy). Those properties will also be subject to CGT which means staged and careful disposal. The strategy is now looking deeply flawed and I fear further attacks on the lets - even when you are renting yourself and not benefiting fully from the private residence relief is my understanding.
As a big advocate of pensions, assuming the 25% allowance is in place - the maximum you could draw in today's money would be 250k - which doesn't buy much property in these parts and might well not exist in 20 yrs - and that's a 1 million pot. I wouldn't want to be 100% equities.
What, if anything are tenants doing about this?