Home > Conservative, Housing, Labour, Liberal Democrat, UK Politics > The Second Home Owners are just as much as the banks the very people who should be paying more tax.

The Second Home Owners are just as much as the banks the very people who should be paying more tax.

The very real consequence of "buy to let"

The second home owners and the “buy to letters” in particular are the people who gained from a property boom that they themselves helped fuel. No real wealth was created, they often needed no real cash to invest. Provided that they could get themselves a tenant they did not even have to pay for anything at all towards “their investment”. They just needed the artificial equity caused by the hyper inflation on their existing home.

They created no employment. They created no new business, in fact by fuelling hyper inflation in the property market they caused an immeasurable level of harm. The property price inflation that they were fuelling stopped people getting “a foot on the ladder”.

Capital Gains taxes for firms are very different to a capital gains tax on profits generated by a deliberate level of high inflation left in he economy for nothing more than political advantage.

Buy to letters have already been the beneficiaries of wealth redistribution, from the young and those without a home of their own to those who have multiples of houses.

They helped kill the dreams of home ownership for thousands, perhaps millions. They also helped foster self-declared mortgages aka liar loans, which became the only way to buy a house in the UK.

There is no justification for the Telegraph campaign. Buy to let was not “prudent saving”. It was Government enabled generational theft.

Even worse, many of the rentaquote MP’s out to fight this are also beneficiaries of that very hyper inflation in the property market, what is worse is that we all paid for that. They should be repaying tax at 100% on those “capital gains”.

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