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Mr Shields said: “We decided reluctantly to pull the plug. For us and 24 years of owning a property that we bought at £164,000 and sold at £425,000, that would be a heavy capital gains tax bill even at current rates.”
Cnut
So he's pissed at having to pay a bit more tax on £261k (minimum) profit from the sale, on top of the rent that he's been receiving? -
However, it was the threat of an even higher tax rate on capital gains from property – widely thought to be under consideration in October’s Budget – that finally made the decision for him.
If the Government decided to increase the tax on gains from property, sales analysis shows the average landlord would be £11,000 worse off.
“Speculation varied but some had the rate going as high as 45pc,” he said. “Turns out that Rachel Reeves didn’t put up capital gains on rental properties but I still feel it is not worth the effort now.
They sold because of the cunts in the Telegraph speculating on what Reeves was going to do.
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“I became a landlord almost by accident. Our neighbour was having difficulties selling his bungalow and the owner on the other side already had a portfolio of properties he rented out so we jumped at the chance to go in 50:50 and learn from him,” he said.
In the end, their would-be business partner couldn’t afford the investment, so Mr Shields and his partner bought the property outright for £164,000 before investing £20,000 to do it up.
Almost by accident. Meaning, I deliberately fucking invested £184k into being a landlord and it was not at all an accident in any way.
“However, what worried us most was the elimination of Section 21,” he said.
"We were forced to evict our 90-year old tenant because we were scared that we wouldn't be able to evict him later. In other words, we were always going to evict a 90-year-old, but it's Labour's fault we did it now"
Absolute cunts. Also the Telegraph: absolute cunts.
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They just wanted to retain the power to be able to evict him and be able to dangle it over him - they even admitted he was very good at paying rent on time.
Imagine evicting a 90 year old in the winter - shame on them. That poor tenant, I imagine that could be quite deleterious to ones health.
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