The Old Git Posted January 25, 2006 Share Posted January 25, 2006 Thats what I take it to mean. Its all part of the plan to remove the differentiation between residents and non-residents as part of the OECD tax ruling harmonisation. I thought it was the differential between resident and non resident companies that the EU weren't happy with? Link to comment Share on other sites More sharing options...
Utah 01 Posted January 25, 2006 Share Posted January 25, 2006 ''If it brings in more jobs then i am in favour for it, but if it only brings in post office boxes then whats the point.'' Precisely. There is little point attracting new companies if they cannot bring or entice staff to move to a wet (in the main) and windy rock in the middle of the Irish Sea. One of the few (only) remaining incentives are the tax breaks for the individual. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted January 25, 2006 Share Posted January 25, 2006 Thats what I take it to mean. Its all part of the plan to remove the differentiation between residents and non-residents as part of the OECD tax ruling harmonisation. I thought it was the differential between resident and non resident companies that the EU weren't happy with? With the logical extension being with the human shareholders behind them hence the DPC rules. Aint no expert though Link to comment Share on other sites More sharing options...
doodlebug Posted January 28, 2006 Share Posted January 28, 2006 £750 per month would cover a mortgage. Its a very high amount to pay for rental, so I hope you are trying to save up a deposit. Saving? What's that? We had a baby in 2004 so my wife stopped work to be a full time mother, which means it's just my wage paying the rent, all the bills, and everything else. With electricity and oil prices on the up and up, as well as petrol and every other damn thing, the notion of us saving any cash with £750 per month for rent chucked into the equation is absolute pie in the sky. I've had this out with the bank, saying that I have bank statements going back over two years which prove that we're fully capable of paying £750 per month on a mortgage, but will they lend us the amount of money as a mortgage that £750 per month would pay for? Will they buggery. Net result is we're able to borrow about enough to buy a half-decent one bedroom flat, which is no use whatsoever when we have a growing daughter. (And besides which, it's damn near impossible to get a 100% mortgage on a flat in a converted house anyway.) In short, we're trapped, and it absolutely boils my piss to see so many damned people on the Isle of Man owning not one, but two and three and four (and more) properties, ripping the lifeblood out of families like ours when we're just trying to get by. Fuck all chance of our noble MHKs ever doing anything about it though, not least because they've got their noses in the property trough as much as anyone else..... Agree with everything you say. We are in the same boat. Anyone who can say even suggest that someone paying £750 a month on rent can also afford to save must be one of these very highly paid financial sector guys. Certainly not someone on a normal income. Link to comment Share on other sites More sharing options...
doodlebug Posted January 28, 2006 Share Posted January 28, 2006 What does Jersey do in regard to housing, don't they have some kind of policy? You have to be Jersey-born to buy property there. The only problem I can foresee about scrapping mortgage tax relief is that rents will go up to cover it meaning more of us might end up camping in some farmer's field. Link to comment Share on other sites More sharing options...
FCMR Posted January 28, 2006 Author Share Posted January 28, 2006 What does Jersey do in regard to housing, don't they have some kind of policy? You have to be Jersey-born to buy property there. The only problem I can foresee about scrapping mortgage tax relief is that rents will go up to cover it meaning more of us might end up camping in some farmer's field. At least 14% Link to comment Share on other sites More sharing options...
Alex Posted January 28, 2006 Share Posted January 28, 2006 If property owners were taxed on rental incomes the tax would only end up being added to the rent so it would go up again. There will always be rental property needed - not everyone wants to buy. There will also always be people who cannot afford to buy - I have not had children, have saved, worked hard, and jointly bought (not with a partner). That's how I managed to get on the ladder, why should someone else who didn't bother, just went ahead and had a family before they could afford it, never bothered saving etc etc, have laws brought in to help them buy? Buying a property is not a god given right, it's something people have to work hard for, plan and save for. I'm sure people who have more than one property do make your blood boil Chopley Turnip - that's cos you're jealous. I'm jealous of people with swimming pools and mansions, but I've no more right to them than you have to buy I'm afraid. Link to comment Share on other sites More sharing options...
simon Posted January 28, 2006 Share Posted January 28, 2006 If property owners were taxed on rental incomes the tax would only end up being added to the rent so it would go up again etc Property owners are taxed on rental incomes. More accurately, I suppose, - there is a potential tax liability. It amounts to the same thing. Link to comment Share on other sites More sharing options...
Alex Posted January 28, 2006 Share Posted January 28, 2006 Yes of course - you pay income tax on the income like any other income. I was referring to any extra tax being levied on property owners in some sort of misguided attempt to stop people buying to let. Edit: was replying to Simon. chopley, owning a house isn't a neccessity either. Living in one is, but not owning. Fact is there will always be people who can't afford to buy, whether it be from having a family (and yes I appreciate that accidents happen, the best laid plans, each circumstance is different etc etc), from spending on other luxuries, from not earning enough, whatever. People who pay so much on rent should definitely have that taken into consideration with banks though, and to be honest, I thought they did these days. I wish you the best on buying, hope you manage to eventually, even if it means buying something smaller than you need, at leat it's the step. Sorry if I came across as a twat, but I often am. Link to comment Share on other sites More sharing options...
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