Torrevieja Forum

Here you can discuss anything that you wish.
( Within Reason !!!! )

Moderator: Moderator

By soapydave
#1108049
any one remember that ,I vaguely do!
I bet todays pensioners /retired had a slice of that, did they get subsidized mortgages,? in a way yes.
then it was stopped for my generation ,
and now look at todays pensioner, very wealthy them that could afford to buy there own houses.good private and company pension,state pension all taxed .good that's fair enough!
but what I,m getting at is,
theres so much talk of people releasing equity in there houses during retirement and its tax free,
Well if they choose to release equity in there house and they benefitted from MIRAS, said equity should be taxed, after all they had tax refief on the purchase ,that's a way of pensioners giving something back to there country who treated them so well when first starting out,DO you think that's fair? :)
I wonder if past goverments have forgot about that,it could be another stealth tax,that would get some cash in the coffers to help the poor immigrants :lol:
By old boy
#1108051
You really hate pensioners, or is it just the better off pensioners that you despise? But really, you are talking rubbish.

MIRAS was only introduce in 1983, and the relief was finally killed off by Brown in 2000. And it was only given a limited amount of the interest, not the whole mortgage.

The pooled relief was totally wrong, and should never been introduced in the first place. That was stopped in 1988, but the idiot Nigel Lawson made a huge error by announcing in the April budget that it was ceasing for new purchases in the August. This drove a huge buying frenzy which ramped up the prices of property. Come August 1st, the market nosedived, down to a level well below that before the budget.
By soapydave
#1108052
i was asking peoples opinions, why are you so defensive?
thankyou for your explanation :roll:
it is a forum for discussing things,
just because you give the impression your wealthy ,it doesn't give you the right to call others who are less fortunate :?
how can I be talking rubbish ,when you,ve explained it happened?
and it was stopped ,that's what I said ,
a good five year or so tax break or relief ,would have been make or break for some house buyers surely?
or is it that I said equity relief should be taxed?
theres not many people took a nosedive as you say on there uk property,
User avatar
By Wendy
#1108054
i was asking peoples opinions, why are you so defensive?
thankyou for your explanation :roll:
it is a forum for discussing things,


Because thats what this forum is like now, God help you if mention richer pensioners or have an opinion that they dont agree with.
By old boy
#1108057
Wendy wrote:
Mon May 14, 2018 3:28 pm
Because thats what this forum is like now, God help you if mention richer pensioners or have an opinion that they dont agree with.


If you care to have even a cursory glance back at some of soapydave's posts in the last year or so, you will quickly appreciate that he appears to blame all the ills of society, and I am précising his words here, on rich, grasping pensioners who had all the breaks, and now he is personally suffering because of them.

Just as he is at liberty to express his opinion, so I am at liberty to be offended by his opinions and to let him know that.

It never seems to occur to him that the pensioners that he seems to resent may well have toiled extremely hard for what they have, and as the latest Rich List demonstrates, around 75% (I think it is) of the wealthiest individuals in the UK have amassed their fortunes through their own endeavours, and not because they were born with silver spoons in their mouths.
By old boy
#1108061
soapydave wrote:
Mon May 14, 2018 2:19 pm
just because you give the impression your wealthy ,it doesn't give you the right to call others who are less fortunate :?


My financial position doesn't enter the discussion. All I have done is explain how it worked.

Apart from which, everything that I have or had came from working up to 3 jobs, and working 15-18 hours a day, many times 7 days a week.

soapydave wrote:
Mon May 14, 2018 2:19 pm
how can I be talking rubbish ,when you,ve explained it happened?
and it was stopped ,that's what I said ,

It's rubbish because in the grand scheme of things, MIRAS didn't hugely affect the value of properties that much until Lawson announced in 1988 that he was scrapping double MIRAS 6 months later. As I said before, that announcement drove a huge buying frenzy which ended with prices skyrocketing. It is also the only time that I can recall houses being offered for sale on day one and the sale contracts being exchanged within about 12 hours and completion a further 12 hours later.

soapydave wrote:
Mon May 14, 2018 2:19 pm
a good five year or so tax break or relief ,would have been make or break for some house buyers surely?

I honestly do not understand what you are trying to say.

soapydave wrote:
Mon May 14, 2018 2:19 pm
or is it that I said equity relief should be taxed?

It is possible that you misunderstand the basics about equity relief. When a house owner gets equity relief, he is just taking out a loan based on the value of his/her property. The lenders charge interest on that loan, and in many/most cases, that interest is rolled up on the original loan and is only paid to the lender when the property is sold, usually on the death of the owner/s. So, why should the house owner pay tax on money that he/she is borrowing?

soapydave wrote:
Mon May 14, 2018 2:19 pm
theres not many people took a nosedive as you say on there uk property,


On the 1st of August 1988, the housing market collapsed; that is fact, and I have personal knowledge of it. Overnight, property prices dropped by between 20 and 50 percent.
By strolling_minstrel
#1108062
I suppose getting MIRAS when you were paying 15% interest may have helped.
The younger lot nowadays are used to cheap money hence the reason they spend it so much.
"I can't save for a house", goes the bleat. Whilst forking out the couple of hundred quid a month for a car lease and a hundred quid mobile phone contract and Sky telly now costing almost as much.
Never mind, it was all my generation's fault. No matter that I was getting a whole 12 quid a week in my early twenties and paying five guineas a week for a bedsitter.
Some seem to think we got all these cheap prices but were earning the small fortunes they do nowadays.
Yes, my first house only cost me 40 grand but I was only earning 14,000 a year and paying 15% interest on the mortgage. If it wasn't for MIRAS I'd still be paying a fortune for rentals.
And why do pensioners appear to be well off?
Possibly because they saved it instead of blowing it on fripperies and actually put money away for later on rather than having every luxury possible now, and I mean now whether they can afford it or not.
(report in today's paper says the average kid in UK has been to 4 European cities, been on 3 long haul flights and two skiing holidays before they're 10 - a week in Skegness doesn't seem to be so jet-setting, somehow).
By Burrababa
#1108067
Wendy wrote:
Mon May 14, 2018 3:28 pm
i was asking peoples opinions, why are you so defensive?
thankyou for your explanation :roll:
it is a forum for discussing things,


Because thats what this forum is like now, God help you if mention richer pensioners or have an opinion that they dont agree with.
oldboy has always been a respectful contributor as far as I can recall--a particular contributor in the past did court controversy by some outrageous comments regarding pensioners and possibly he took it too far but by and large people on here are fairly reasonable
By soapydave
#1108072
old boy wrote:
Mon May 14, 2018 6:42 pm
soapydave wrote:
Mon May 14, 2018 2:19 pm
just because you give the impression your wealthy ,it doesn't give you the right to call others who are less fortunate :?


My financial position doesn't enter the discussion. All I have done is explain how it worked.

Apart from which, everything that I have or had came from working up to 3 jobs, and working 15-18 hours a day, many times 7 days a week.

soapydave wrote:
Mon May 14, 2018 2:19 pm
how can I be talking rubbish ,when you,ve explained it happened?
and it was stopped ,that's what I said ,

It's rubbish because in the grand scheme of things, MIRAS didn't hugely affect the value of properties that much until Lawson announced in 1988 that he was scrapping double MIRAS 6 months later. As I said before, that announcement drove a huge buying frenzy which ended with prices skyrocketing. It is also the only time that I can recall houses being offered for sale on day one and the sale contracts being exchanged within about 12 hours and completion a further 12 hours later.

soapydave wrote:
Mon May 14, 2018 2:19 pm
a good five year or so tax break or relief ,would have been make or break for some house buyers surely?

I honestly do not understand what you are trying to say.

soapydave wrote:
Mon May 14, 2018 2:19 pm
or is it that I said equity relief should be taxed?

It is possible that you misunderstand the basics about equity relief. When a house owner gets equity relief, he is just taking out a loan based on the value of his/her property. The lenders charge interest on that loan, and in many/most cases, that interest is rolled up on the original loan and is only paid to the lender when the property is sold, usually on the death of the owner/s. So, why should the house owner pay tax on money that he/she is borrowing?

soapydave wrote:
Mon May 14, 2018 2:19 pm
theres not many people took a nosedive as you say on there uk property,


On the 1st of August 1988, the housing market collapsed; that is fact, and I have personal knowledge of it. Overnight, property prices dropped by between 20 and 50 percent.
you have your opinions ,and I have mine,
property prices might have collapsed but only for those that wanted to sell at that particular time as they were artificially high , they soon recovered to a normal level,and many people prospered from a good increase in there house price,I myself for one.
theres not many of todays pensioners who sold property in the uk that have lost money !they might have missed out on the boom years bye selling to early or to late, but they will have made a substantial gain,and good luck to them,
and yes many of us have held down more than one job and worked many hours more than we would like to,and 7 days a week and not just in a white or blue collar job ,some in heavy manual work,all working through needs must ,and to get into the financial position we are today ,your not on your own in that department, you surely have an axe to grind about any comments regarding the more fortunate,
and as one poster has already posted they benefited from MIRAS,
Well at least we have another topic going ,instead of the boring old brexit whined up............................. :) :)
By Burrababa
#1108091
MIRAS was an incentive benefit ---not a loan

So no need to calculate or account for it

Good luck if you benefited from --the intention was for it to make a positive difference to people's quality of life. Just as tax breaks and other benefits like child benefit, heating allowance etc etc do.

I am sure there are people who will always try and make arguments for recovering this money--more particularly with hind sight and generally when they feel they have missed out :wink:

Fortunately these mean spirited people are in the minority--
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