Nellie Posted February 28, 2022 Share Posted February 28, 2022 Biggest lie.........”Lessons will be learned”. 6 2 Quote Link to comment Share on other sites More sharing options...
wrighty Posted February 28, 2022 Share Posted February 28, 2022 33 minutes ago, Non-Believer said: Increasingly my thoughts too. I've got 3 neighbouring households who have recently sold their properties at the top of the market and gone back to UK, retirement in Cumbria in one instance, they just couldn't see their future here. Out of the 3, two of the houses sold to "UK investors" who paid the asking prices within 10 days without even viewing, albeit it's a fairly new development. Is this some sort of tax dodge? I know of one sale, that was predicated on it going through before the end of March, with the vendors being allowed to stay in place (paying rent instead of mortgage) until ready to leave a few months hence. Are UK companies, with profits about to be taxed, off-loading cash on Manx property to pay less tax? If the value crashes, and the property is subsequently resold then presumably that loss will be offset against tax in the future. If the market remains buoyant then there's another income stream from rental. I'm sure someone that knows far more about tax law than me could find an angle here as to why this is happening, because it seems mad to me that houses are being bought for over asking price, sight unseen, if there's nothing in it for the buyers. 1 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted February 28, 2022 Share Posted February 28, 2022 4 minutes ago, wrighty said: ... because it seems mad to me that houses are being bought for over asking price, sight unseen, if there's nothing in it for the buyers. Same down here. Neighbour's house went on the market for offers over £1.25m, two cash offers received within minutes of it appearing on Rightmove. Quote Link to comment Share on other sites More sharing options...
2112 Posted February 28, 2022 Share Posted February 28, 2022 The classic ‘6 Chinese Banks’ 2 2 Quote Link to comment Share on other sites More sharing options...
Lost Login Posted February 28, 2022 Share Posted February 28, 2022 1 hour ago, wrighty said: Is this some sort of tax dodge? I know of one sale, that was predicated on it going through before the end of March, with the vendors being allowed to stay in place (paying rent instead of mortgage) until ready to leave a few months hence. Are UK companies, with profits about to be taxed, off-loading cash on Manx property to pay less tax? If the value crashes, and the property is subsequently resold then presumably that loss will be offset against tax in the future. If the market remains buoyant then there's another income stream from rental. I'm sure someone that knows far more about tax law than me could find an angle here as to why this is happening, because it seems mad to me that houses are being bought for over asking price, sight unseen, if there's nothing in it for the buyers. I don't think so. Having tax losses to offset gains is not very tax efficient as even if taxed at the individual higher rate of 45% for evert £100 lost you only "recover" £45. Quote Link to comment Share on other sites More sharing options...
Lost Login Posted February 28, 2022 Share Posted February 28, 2022 1 hour ago, Non-Believer said: Increasingly my thoughts too. I've got 3 neighbouring households who have recently sold their properties at the top of the market and gone back to UK, retirement in Cumbria in one instance, they just couldn't see their future here. Out of the 3, two of the houses sold to "UK investors" who paid the asking prices within 10 days without even viewing, albeit it's a fairly new development. Retirees returning to the UK or elsewhere might be viewed as a good think economically because as you get older you are far more likely to cost the state more than you contribute to it. 1 Quote Link to comment Share on other sites More sharing options...
Numbnuts Posted February 28, 2022 Share Posted February 28, 2022 (edited) That we are the 7th richest country in the world...did they really say that !! 😂 Edited February 28, 2022 by Numbnuts 2 Quote Link to comment Share on other sites More sharing options...
asitis Posted February 28, 2022 Share Posted February 28, 2022 7 minutes ago, Numbnuts said: That we are the 7th richest country in the world...did they really say that !! 😂 wasn't that the likelihood of putting a man on the moon ? 1 Quote Link to comment Share on other sites More sharing options...
AOR Posted February 28, 2022 Share Posted February 28, 2022 (edited) 10 minutes ago, Numbnuts said: That we are the 7th richest country in the world...did they really say that !! 😂 It's probably about right - total cash swilling about divided by number of residents. There are many ways of working this out and presenting the figure. So Billy Gates comes to 'live' on Isle of Man and Hey Presto! we are all multi-millionaires. All of us! Edited February 28, 2022 by AOR Quote Link to comment Share on other sites More sharing options...
Gladys Posted February 28, 2022 Share Posted February 28, 2022 1 hour ago, wrighty said: Is this some sort of tax dodge? I know of one sale, that was predicated on it going through before the end of March, with the vendors being allowed to stay in place (paying rent instead of mortgage) until ready to leave a few months hence. Are UK companies, with profits about to be taxed, off-loading cash on Manx property to pay less tax? If the value crashes, and the property is subsequently resold then presumably that loss will be offset against tax in the future. If the market remains buoyant then there's another income stream from rental. I'm sure someone that knows far more about tax law than me could find an angle here as to why this is happening, because it seems mad to me that houses are being bought for over asking price, sight unseen, if there's nothing in it for the buyers. At a guess, they would have to be property developers or investors and housing was their stock in trade. Don't think it is as easy as just buying a house to fix a loss in your accounts. Quote Link to comment Share on other sites More sharing options...
Two-lane Posted February 28, 2022 Share Posted February 28, 2022 48 minutes ago, Numbnuts said: That we are the 7th richest country in the world...did they really say that !! 😂 If you use GDP per capita as a measure of richness.... https://www.worldometers.info/gdp/gdp-per-capita/ https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=IM the IoM staggers in at a mere 5th place. Streets not paved with gold, but with cyan, purple, green, yellow, pink, red, beige - but the MHKs love it. 1 Quote Link to comment Share on other sites More sharing options...
2112 Posted February 28, 2022 Share Posted February 28, 2022 1 hour ago, Two-lane said: If you use GDP per capita as a measure of richness.... https://www.worldometers.info/gdp/gdp-per-capita/ https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=IM the IoM staggers in at a mere 5th place. Streets not paved with gold, but with cyan, purple, green, yellow, pink, red, beige - but the MHKs love it. Streets paved with dog shit and chewing gum. This is an island where the Treasury Ministers spending expertise was honed as a Councillor on Douglas Borough Council - prize purchase the chewing gum removal machine! Quote Link to comment Share on other sites More sharing options...
hissingsid Posted February 28, 2022 Share Posted February 28, 2022 I cannot decide what to put forward….too many to choose from 🤗 2 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 28, 2022 Share Posted February 28, 2022 5 hours ago, GD4ELI said: Would be very, very interesting to professionally analyse the cost benefit to the IOM. Watching TT2022 with great interest... I think the cultural, cosmopolitan, economic and historical benefits are of more importance than any bigoted financial analysis called for by a perpetually pessimistic person who's given up on the island. Whatever happed to your prediction of an imminent housing market crash here? If you're worried about tourist attractions bringing in more than they cost, why not have a look at your royal family - scrapping them would be of major financial benefit to the island because we could send the Governor packing. 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted February 28, 2022 Share Posted February 28, 2022 That they will open the curtains and let the sun shine in ! The same old, keep this quiet culture, pervades everything they do. I had high hopes of Alf Cannan but sadly looks as if its business as usual ! 1 Quote Link to comment Share on other sites More sharing options...
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