Changes in taxation that Andy Burnham seems to be interested in

Just been reading he owns a property in London, does the King of the North.

Primrose53

Just been reading he owns a property in London, does the King of the North.

Yep and his mortgage interest paid for by the good old taxpayer. Said it before and I'll say it again - all got their snouts in the same trough.

Spinnaker

Primrose53

Just been reading he owns a property in London, does the King of the North.

Yep and his mortgage interest paid for by the good old taxpayer. Said it before and I'll say it again - all got their snouts in the same trough.

Why does the taxpayer pay his mortgage interest? Please provide a source. If you can't, you shouldn't spread rumours.

The flat was bought when he was an MP. It was bought legitimately because he was allowed a London home. He has very wisely decided to hang on to it and rent it out. Is there any evidence he has done anything illegal?

It's out there in plenty of news sources twaddle so perhaps don't be so quick to tell someone to stop spreading rumours.

Hi everyone, just a gentle reminder that discussions are uasually at least allowed to start by being relevant to the thread. This one shares a video for discussion, please avoid hijacking. Not everyone may want to click links or watch videos, but some may.

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Thanks for the link, DAR. As always, Phil M talks a lot of sense.

As Richard Murphy said in his paper on Taxing Wealth, we need to increase the rate of capital gains tax to align with income tax. Murphy estimates that could raise 12 billion a year.

taxingwealth.uk/

Reeves has already made some changes to make the better off pay more tax on passive income but it passes most people by and Labour are poor at publicising their good policies.

We also need to reform council tax but it needs to be done carefully so as not to disadvantage those who are income poor but asset rich.

I like the idea of a national care service funded by a collective social insurance levy.

Spinnaker

It's out there in plenty of news sources twaddle so perhaps don't be so quick to tell someone to stop spreading rumours.

I'm acknowledging what you have written DAR, but I'd be interested in Spinnaker's sources. Why does the "taxpayer" pay the mortgage interest on a flat in London? You don't appear to have an answer, Spinnaker.

Spinnaker

It's out there in plenty of news sources twaddle so perhaps don't be so quick to tell someone to stop spreading rumours.

Andy Burnham's historical mortgage interest claims relate to his time as a Member of Parliament, when he claimed a total of £18,952 in expenses for the interest portion of his London flat mortgage between May 2010 and June 2012. These claims were permitted under the parliamentary rules at the time.

(Google)

Where's the evidence that the taxpayer is still paying his mortgage interest?

Sorry, DAR, but I really find it tiresome when people drop unsubstantiated claims into random conversations.

twaddle

Sorry, DAR, but I really find it tiresome when people drop unsubstantiated claims into random conversations.

... "we need to increase the rate of capital gains tax to align with income tax."

I'm hearing this more often "Graphite". It does seem reasonable. I was also interested to hear this point: "Reeves has actually increased taxes on the wealthy and by much greater sums than the clown populace are claiming they would raise with their own ideas, but the public aren't aware."

This too: " Britain's wealth is booming. You you hear tales of of economic woe and Britain's wealth has never stopped booming. In fact, I was reading in the Financial Times, from an investor, not that long ago, about the banking crisis. We have never recovered from the banking crisis. People populations all over the western world have never recovered from the banking crisis. Investors recovered within a couple of years, right? The the wealth is absolutely booming. It has never stopped booming."

Message withdrawn as it quotes a deleted post.

Message withdrawn as it quotes a deleted post.

Sorry "twaddle", I quoted and then lost the reply. It was "Understandable'.

Andy Burnham will be just like other MPs or PMs, claiming travel and living expenses and subsidised food, whilst setting taxes that squeeze the middle group.

Before anyone jumps in and says meals are not subsidised I didn’t have time to find another word that explains how
MPs and Peers can access cut-price food and drinks in the Houses of Parliament.

While Parliament states that food is not directly subsidised, the catering services operate at a financial loss—*with millions of pounds in public money used annually to cover operational shortfalls.*

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Moorhouse Investors recovered within a couple of years, right? The the wealth is absolutely booming. It has never stopped booming."

If by banking crisis he means the 2008 crash, after which interest rates remained at historical lows for fourteen years, then many people found other ways to make their money work for them. In fact, I would argue that the banking crisis was the reason we have so much wealth inequality now, not least because Quantitative Easing inherently drives wealth upward.

At a domestic level, we saw people taking money out of savings accounts and to buy property to rent out, thereby making unearned income and capital gains more than they would ever have achieve in a savings account including tax free ISAs. Those low interest rates made it easy for people to borrow money cheaply to do the same.

Now we have the situation where FTBs find it hard to buy a “starter” property as landlords snap them up . They become trapped in a cycle of renting. At least the new laws on renters rights gives them more security. Hopefully, those landlords who exploited no fault evictions and those aggrieved that they will have to pay a bit more tax next year will get out of the sector freeing up more properties for FTBs.

twaddle

Sorry, DAR, but I really find it tiresome when people drop unsubstantiated claims into random conversations.

I agree twaddle.

Misinformation is put across as fact!

When those of us who care about the truth dare to ask for clarification (or God forbid evidence) we are dismissed and, on occasion, ridiculed … told ‘find it yourself’.

What have we come to, as mature women, when truth and facts no longer matter?

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Graphite:-
'Now we have the situation where FTBs find it hard to buy a “starter” property as landlords snap them up'

I don't think you will find that landlords are snapping up the properties - quite the reverse. The new legislation will make it harder for young people to find homes to rent. From AI

"Private landlords are currently selling properties at much higher rates than they are buying, with many exiting the market entirely. Industry data shows that landlords are more than twice as likely to sell properties as they are to purchase new ones, leading to a shrinking supply of rental homes"

Mollygo

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Wowsers - now that is quick off the mark 😂

But I did manage to read it first though Mollygo thanks

Yes, but they have been since 2008 and the banking crisis which Moorhouse refers to in his video.

sundowngirl

Graphite:-
'Now we have the situation where FTBs find it hard to buy a “starter” property as landlords snap them up'

I don't think you will find that landlords are snapping up the properties - quite the reverse. The new legislation will make it harder for young people to find homes to rent. From AI

"Private landlords are currently selling properties at much higher rates than they are buying, with many exiting the market entirely. Industry data shows that landlords are more than twice as likely to sell properties as they are to purchase new ones, leading to a shrinking supply of rental homes"

That is true of Private Landlords if you are adding rental income to your personal tax, the new rules and new tax rates make it unworkable. The only way is through a corporate structure, the institutions are gearing up to fund large scale rental portfolio. It's not going to help the poorest, for them it's social