The demise of the red duster

Keeping on this tax subject and the headline frequent moans and groans about mortgage holders and the high interest rates, what’s wrong with simply making all interest rates paid tax deductible , for those living in their new houses. Then on the other hand those who are shoving the prices up for investment purposes make them pay tax fully on their mortgages , seems quite obvious to me . This may make more accomodation available for those who want to live in them . That’s my cribs about tax for this day at least over. Cheers JS

In the States one can deduct the mortgage tax on Federal income tax as far as state tax it depends on the state you live in. I live in Oklahoma, and we can deduct it against our state income tax.

#12 It always flummoxed me Rodney shopping in the States especially moving from one to the other. The price advertised at sometimes did not show the final price so I learned to ask before buying what the final score was going to be. On the other hand always liked buying trousers as the cuffs or bottom ends were always left unfinished and used to cut and sew to the required length , so whether a long shanked or short assed individual always got value for money . Cheers JS

John.
The largest number of people waiting for a home is in NSW, but on the latest count there are 60,000 people on the waiting list for Govt Housing, now they could cut that down to fifty as there are 10,000 Govt homes laying empty in the State some have been empty for up to ten years, go figure.
Des

At one time Des in the early years of living here , I was advised by my bank adviser to invest in property. I did so on his advise and had two rental property’s apart from my own. The interest rates at the time were about 8%. This interest rate if memory correct was tax deductible on the rental properties plus all repairs etc to property , but not on one’s own habitation. If that was observed on peoples own living quarters there would be no excuse for complaining. JS
I had 3 mortgages at a higher interest rate than present day and had no complaints. Needless to say I made no profit from the properties only tax relief on my earnings. Today all that is happening is the investors are gobbling up the market and those wanting living quarters are cut out of the market by the prices being too steep. JS.
It doesn’t take an Einstein to work it out or see what needs to be done, first of all keep the foreign investors out just for starters . Then take it from there. JS.

There must be some advantage of being British registered because as a recently retired pilot I went on board plenty of 'British ' ships but the only problem was that the only British thing about them was the flag on the stern! Foreign crews, Foreign shop management companies.

I still have a Red Duster on the wall of my room.
Des

I have my Dad's Red Duster from his last ship SS GOODWIN 1945
Like a lace curtain ! I daren't fly it but just pin it in the window upstairs for National occasions.
Last time it was for D-Day celebrations.
Brenda

Hi, Keith R773021, former A.B/ Bosun. the demise of the Red Duster, In 2018 completed PhD at Uni of Warwick took seven years title The Decline of the British Shipping. With Tax evasion taking a chapter thoight the following quotes may be of some interest. From 1948-1965 (a) "Many shipping companies paid little or no tax on their profits" (c) for shipping companies "indeed it was possible to obtain payment of tax which had in fact never been paid. Report from the Inland Revenue 1965. It was only in 1990 that Lord Vestey and his family, the owners of Blue Star Line and of course Dewhurst Butchers finaly started to paytaxes both income and business. These were the first payments made since 1915. Their domicile for both business and personal purposes had been retained in Buenos Aires, from 1915 Paris was used as an administrative office with all company documents stored in Montevideo Uruguay. For the 70 years this was in operation this saved the family an estimated £88 million. This storey can be verified in the Guardian newspaper August 11th 1999. It is fair to say that nearly all shipping companiies in the UK were tax avoiders and that whatever the problems British shipowners had, the Inland Revenue was not one of them. I would also point out that though they never paid the correct taxes British shipping companies were always first in line for handouts from whiichever Government was in power. I only wish that I had known all of the above when we went on strike in 1966.

I wonder how much of that tax free profit ended up in parliamentary pockets?