I refer to the link below:
http://www.independent.ie/business/personal-finance/property-mortgages/50000-buytolet-mortgages-late-on-payments-3242136.html
Where a rent receiver is appointed, what are the tax implications for a property owner on the rent? Is it still considered income for the owner, therefore subject to tax?
What about the payment of fees associated with a property where a rent receiver is appointed, eg. Service charges, maintenance etc.? Who pays if the owner has no means? Obviously, I see that the point of the banks is to strip away an income, leaving only the down side for the owner, but is this a solution?
Perhaps Mr Honohan is right, repossession is the better option, all be it, that the banks dont want to realise a loss. Maybe they should either be forced to do so, or, be forced to enter into a independently assessed debt writedown process. I realise this may result in them requiring more capital, but they did take a risk when advancing the money, so they have to have some responsibility for the situation they now face for these BTL owners.
http://www.independent.ie/business/personal-finance/property-mortgages/50000-buytolet-mortgages-late-on-payments-3242136.html
Where a rent receiver is appointed, what are the tax implications for a property owner on the rent? Is it still considered income for the owner, therefore subject to tax?
What about the payment of fees associated with a property where a rent receiver is appointed, eg. Service charges, maintenance etc.? Who pays if the owner has no means? Obviously, I see that the point of the banks is to strip away an income, leaving only the down side for the owner, but is this a solution?
Perhaps Mr Honohan is right, repossession is the better option, all be it, that the banks dont want to realise a loss. Maybe they should either be forced to do so, or, be forced to enter into a independently assessed debt writedown process. I realise this may result in them requiring more capital, but they did take a risk when advancing the money, so they have to have some responsibility for the situation they now face for these BTL owners.