1. Martin Wardle Robson Laidler Annus Horribilis

2. “Annus Horribilis” Martin Wardle Robson Laidler

3. a year of disaster or misfortune

4. “If it’s the Chancellor’s intention to completely eradicate buy to let in the UK then it’s a mystery to us why he doesn’t just come out and say so?” Richard Lambert CEO National Landlords Assoc

5. June 2015 Furnished Property Wear & Tear Allowance Restriction to loan interest Company Dividend Tax November 2015 CGT SDLT Making Tax Digital

6. Applies to residential furnished lets (not FHLs - commercial unaffected). Pre April 2013 you had two options. April 2013 to April 2016 only had Wear and Tear Allowance. W&T only on "furnished" - no such thing as "part" No relief currently for unfurnished property furnishings\ April 2016 onwards only have renewals. Wear and Tear Allowance

7. Phased in from 2017/2018 to 2020/2021 individuals who let residential properties will only get basic rate credit. Includes associated costs not just interest. Again does NOT affect FHLs or commercial. Does affect HMO however. Only affects HR taxpayers BUT don’t ignore if BR. Restriction to loan interest

12. Company (watch capital taxes on transfer, solicitors and lenders costs, beware lifetime tax charges!) For mixed portfolios change borrowings (allocate loans against FHL or commercial rather than resi) Reduce your interest costs (obvious but for many simply means reducing their loans) Consider lower tax spouse/civil partner (watch default income tax rules!) How to avoid

13. Company vs Individual

16. From April 2019 CGT will need to be paid within 30 days of completion. Suggestion is that the cash flow advantage in not in line with employed. Ignores gains made on any other type of investment and the self employed! Raises a lot of questions of use of allowances, rate of tax to pay (18% or 28%), offset of later in year losses, reinvestment relief. CGT

17. SDLT

18. “And the fifth part of our housing plan addresses the fact that more and more homes are being bought as buy-to-lets or second homes. Many of them are cash purchases that aren’t affected by the restrictions I introduced in the Budget on mortgage interest relief; and many of them are bought by those who aren’t resident in this country. Frankly, people buying a home to let should not be squeezing out families who can’t afford a home to buy. So I am introducing new rates of Stamp Duty that will be 3 per cent higher on the purchase of additional properties like buy-to-lets and second homes. It will be introduced from April next year and we’ll consult on the details so that corporate property development isn’t affected.”

19. A £150,000 purchase would currently cost £500 in SDLT but the new rules mean an increase to as much as £5,000! A £70,000 purchase would cost nothing at present but will cost £2,100. Note that it applies to every £1 once the threshold has been breached (like old style SDLT rather than new style!) SDLT

22. How about transferring your properties to a company with no capital gains tax? Company can sell properties on day one with no tax on disposal allowing you to rebalance portfolio. What if you could also give away all future growth on the properties but retain all income? What is everyone doing?