Fergus Wilson UK BTL king sells up porfolio of 900 houses

handlemaster

http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/12041564/Fergus-Wilson-Britains-most-iconic-buy-to-let-investor-sells-up-all-900-houses-for-250m.html

The UK are taking away the ability of the Landlords to claim interest paid against taxes. Much the same way here the government view landlords as a soft touch with not much love what happens to them from the voter. There is speculation other BTL landlords will follow suit. This is the Irish government mentality also, question is if all these tax keep coming what will happen in the long run ? Will there be a void where the government will start buying housing which they previously sold. I had a conversation with an estate agent last year to rekoned the government will do just that but not put it out there as an official policy

murphaph

The UK is going that way. Here in Germany it's the exact opposite...you can write off all manner of things that would never be allowed in the UK or Ireland (eg cost of flights once or twice a year to inspect property). Of course 100% of mortgage interest here is tax deductible. Being a landlord in Germany is treated just like any other business by the Finanzamt. Pre-letting expenses are also allowed here (within reason), something I was always baffled by in Ireland (where they are not).

handlemaster

murphaph wrote: »

The UK is going that way. Here in Germany it's the exact opposite...you can write off all manner of things that would never be allowed in the UK or Ireland (eg cost of flights once or twice a year to inspect property). Of course 100% of mortgage interest here is tax deductible. Being a landlord in Germany is treated just like any other business by the Finanzamt. Pre-letting expenses are also allowed here (within reason), something I was always baffled by in Ireland (where they are not).

I think the inspect flights are allowed as an expense if the LL lives outside of the country... but stand to be corrected on that

The_Conductor

handlemaster wrote: »

I think the inspect flights are allowed as an expense if the LL lives outside of the country... but stand to be corrected on that

They are.
I'm familiar with one landlord who lives in Portugal- but times all his flights home to coincide with Management Company AGMs- and if possible, a property inspection or two. He keeps records to document these. He writes the cost off against rental income in full. He has been audited (he also kept those flights for his next tax return )and no issues encountered with Revenue.