Last nights Million Pound Property Experiment

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Is it just me or is something not adding up here?
I was under the impression the idea was:
repeat buy a house do it up sell it for a profit take said profit and add original capital until repeated seven times and you flog your 1 million pound house
My quick totting up last night suggested they had to date made just over 60 grand from their previous houses combined. Add the original 100k and use it to purchase a place for 625k.....
Sponsored by dodgy self cert mortgage deals 'R' us by any chance?
Although to be fair to the drama queens, they did do a cracking job of that place - sympathetic to the property and actually targeted at a likely buyer. Would not mind the house myself although the prospect of paying over 800k for a semi does make the mind boggle a bit!
--
Cheers,

John.

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Not much adds up in their programs Get survey done, buy house for half a million, house has dry rot ????
Last week they went for the half a million plus figure completely forgeting that the stamp duty hike at that level would severely limit offers

What about paying 40% capital gains tax ?

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On Thu, 11 Dec 2003 21:08:47 -0000, "Chris Oates" <none> wrote:

The Independent reported yesterday that the Inland Revenue is taking a very keen interest in the 500K sale, plus the ten grand for "fixtures and fittings". I began to get turned off from these two after the first programme. Last night, when Justin walked up and down on top of the Scottish solicitor's nicely polished table, I thought, what a complete prat.
Why couldn't they have bought a number of terraced houses in need of work for around 70K each (plenty around the country), spent 10K doing each one up, then sold for 90K? They would be able to churn the houses out like a sausage machine after a while.
But that would not be "good TV", I suppose. Actually, I am now of the opinion that the series was a waste of time.
MM
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Mike Mitchell wrote:

The money program on radio 4 said that yu can get away with it if its reasonable.
I began to get turned off from these two after the

Its amusing tho.

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Which it obviously wasn't as they conspired to defraud as soon as they were told that the stamp duty hike at 500k existed. They told the viewers exactly what they were doing !
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Chris Oates wrote:

Its not illegal. The stamp duty is on the land and the property. Not on 'demountable objects' or indeed furniture. However the revenue takes a dim view of a 500 grand house with 300 grand of fitted carpets and curtain rails. But will accept maybe 10k.
Up till now no one has really made a point of separating the two. Now there is a point, so people will...as much as they can get away with.
Its legal and its only the fact that a stupid law that allows untaxed transactions below 500k and taxes them at full whack at a penny over that makes it a thing to be done.
If OTOH they simply taxed the residue ABOVE 500k at a small percentage, then it wouldn';t be woth the bother of fiddling around with accounting.
Its a stupid tax in its implementation, it reduces the liquidity of the market, and will be repealed as soon as tony and the boys get shoved into the nether darkenss whence they came.

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was completely bogus. The fittings are hired for the program so to sell them they have to be bought - from the alleged profit
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Chris Oates wrote:

Its not teh fittings they were 'buying', its the fixtures. E.g. I could sell my house as a house, and charge for the Aga, the boiler, the fitted carpets, etc. etc.

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Its implementation has not changed over the years no matter what government has been in power, so there is no reason to think the Boys in Blue will change it.
The recent change in the law means that people will have to justify the price of the fixtures and fittings at the time of sale, and the revenue will be able to examine the transaction for up to 9 months.
Effectively, the Government have said that they know this is going on, that they are losing revenue because of it, and they are taking steps to recover more money out of it.
--
Richard Faulkner

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On Fri, 12 Dec 2003 16:31:05 +0000, Richard Faulkner

When Labour came to power in 1997 they made a big statement about how the Tories had increased tax 62 times over their 18 year tenure, and listed them all. Many people who had seen Labour in power in the 70's were no longer around, and many who were not of voting age back then did not have the experience either.
If the Tories ever regain the wish to get into power there's an open goal waiting for them to score in returning this particular favour about the number of tax rises.
PoP
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Course they have! - it's been going on for ages on a smaller scale (ie 10-fold) with the 50K stamp duty threshold.
David
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Interestingly, I noticed that in last night's final 'summing-up' episode, tey made a big point of saying how they had made sure that the fixtures and fittings were genuinely worth 10K...
David
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On 24 Dec 2003 09:40:17 -0800, snipped-for-privacy@hotmail.com (Lobster) wrote:

Perhaps they've been reading these comments and thought, better safe than sorry!
MM
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this is indeed how it was sold to the viewer.
It is (as you have noticed) glaringly obviously not meeting this claim:
Quite why the Beeb even started with the mis-advertising is a mystery as IMHO each individual program is quite instructive in what to do (and not to do) and it stands alone without the fictional claims
tim

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to improve the properties, I've been listening out for that. It is indeed a complete con.
--
fred

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On Thu, 11 Dec 2003 22:18:11 +0100, "tim"

So is the BBC giving them the money for each house?
And why not cut out the previous 73 houses - they'd have made more money for a damn site less work with just the one. ;-)
Mark S.
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http://media.guardian.co.uk/overnights/story/0,7965,1104912,00.html
"....has been widely criticised in the press because the state of the property market has meant the pair have needed new injections of cash from the BBC."
MH.
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No doubt at the end of the last programme, they will declare from the rafters, or from a solicitors table, that they have done it!!
If somebody came into my office and danced on my expensive board room table, (if I had one), I would chuck them out!
The programme is a joke, and actually misleadingly encourages people to think they can do something which they can't.
--
Richard Faulkner

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Richard Faulkner wrote:

of hairdressers to make ANYTHING from property improvement.
Their profit would not actually cover rheir living expenses so far..
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writes

Unfortunately, if they had done so, it wouldn't have gone out would it
--
geoff

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