Originally Posted by
elZorro
The 'big money' I was referring to was those with several million of freehold assets. But I'm surprised that the lack of a depreciation writeoff scuttled the income of some property owners. It means the underlying profit was fairly small anyway. Tax has a way of cycling so that it's high one year, and lower the next. I've read one book that showed (among many other tips) how to laboriously separate the parts of a rented out building off into asset sections with different depreciation rates, so as to get the most tax drop out of it. Maybe the bach rental rules have also affected some. Sorry but I have no sypathy for this, if people have extra assets and property, they should be prepared for all the costs, and not expect there to be tax writeoffs for everything. An ordinary employee gets none of these perks.