Tax the rich... wait, no, not like that! (Winter Fuel Allowance)

[Tristan]

Article in the Telegraph

https://www.telegraph.co.uk/money/tax/l ... es-budget/

Julie and John Macrae always dreamed of spending their twilight years sailing the world.



The couple had planned meticulously for retirement, investing in 60 buy-to-let properties in and around Colchester to supplement the pensions built up from their day jobs.





What Mr and Mrs Macrae didn’t anticipate was being forced to sell up their boat and go back to full-time working at the ages of 67 and 77 respectively.

I did see someone say that at least the Telegraph is now concerned for people on small boats.

This appears to be them: https://find-and-update.company-informa ... ng-history

Net assets of £4.5m. £10.3m of properties with £5.8m of mortgages.

[Woodchopper]

Article in the Telegraph

https://www.telegraph.co.uk/money/tax/l ... es-budget/

Julie and John Macrae always dreamed of spending their twilight years sailing the world.



The couple had planned meticulously for retirement, investing in 60 buy-to-let properties in and around Colchester to supplement the pensions built up from their day jobs.





What Mr and Mrs Macrae didn’t anticipate was being forced to sell up their boat and go back to full-time working at the ages of 67 and 77 respectively.

I did see someone say that at least the Telegraph is now concerned for people on small boats.

This appears to be them: https://find-and-update.company-informa ... ng-history

Net assets of £4.5m. £10.3m of properties with £5.8m of mortgages.

They could be facing a cash flow problem if their loan interest and other costs are higher than (or even close to) the rental income from the properties.

Managing 60 properties could be a full time job. So if they wanted to retire to their boat they will have paid for a manager. My guess is that going back to work means that they’re back to managing the business themselves.

[lpm]

Yep, the mad belief in "passive income". Running a property portfolio is anything but passive. That sort of scale requires 3 or 4 people.

[bjn]

Sell all their investment properties, put £4.5 into boring bonds, even at 3% they’d be making 125K/year with zero effort required.

[Tristan]

Article in the Telegraph

https://www.telegraph.co.uk/money/tax/l ... es-budget/





I did see someone say that at least the Telegraph is now concerned for people on small boats.

This appears to be them: https://find-and-update.company-informa ... ng-history

Net assets of £4.5m. £10.3m of properties with £5.8m of mortgages.

They could be facing a cash flow problem if their loan interest and other costs are higher than (or even close to) the rental income from the properties.

Managing 60 properties could be a full time job. So if they wanted to retire to their boat they will have paid for a manager. My guess is that going back to work means that they’re back to managing the business themselves.

So what? Sell it all and live off the £4m+ net they’ll have. Invest that for actually passive income or take out an annuity. They’re absolutely set for life.