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Mark Hunter
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I currently run a portfolio with a rental turnover of £170,000. Our profit is £38,000 per year & I pay 20% tax (£7600). When we have to ignore finance costs we will artificially show a profit of £100,000 and have to pay tax of 40% on it (£40,000). The additional £31,800 tax will bankrupt me and we cannot sell the properties because in our area we are in negative equity. This must be reversed as there are thousands of landlords in the same position as me. The Private Rented Sector will fall apart.
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23 October 2017 14:19 PM
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From: Mark Hunter
23 October 2017 14:19 PM