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TODAY'S OTHER NEWS

Petition against buy to let tax changes passes 35,000 signatures

The online petition opposing the proposed tax changes for buy to let landlords has now reached 35,000 signatures - but is still some way off the target which may trigger a parliamentary debate on the issue.

The tax proposal, outlined by Chancellor George Osborne back in the July Budget, means mortgage interest tax relief for buy to let owners will be restricted to the basic rate of income tax, currently 20 per cent, even if they themselves pay the higher 40 or 45 per cent tax rates. 

Osborne says the relief, which will address "unfairnesses in property taxation", will be phased out from 2017. 

There had been a strong reaction from the industry against the measure; in addition to the petition there has been the establishment of a ‘SayNoToGeorge’ website outlining how the measure will hit not just landlords but also letting and estate agents, pensioners, tenants and suppliers.

However, the online petition needs 100,000 signatures by the end of January if it is to force the consideration of whether to hold a parliamentary debate.

The success of the petition received a blow in recent weeks when the National Landlords Association’s chief executive described it as "a waste of time" - although he was not actively discourage landlords from signing.

Writing on the online Huffington Post website, Richard Lambert said even surpassing the 100,000 signature mark may sound impressive but meant any subsequent debate by MPs would be “when 'parliamentary time allows' meaning that it could be months down the line, by which point the chance to affect change may well have passed." 

You can see the petition here.

  • Peter Gunby

    Let’s hope this petition is dead in the water.
    It was ill conceived and based on greed
    Landlords have had a fantastic run in recent years and we are at a significant advantage in purchasing properties over first time buyers.
    If we wish to see a higher percentage of home ownership and less of a divide between the haves and have nots then landlords should accept that they will need to pay higher taxes as a price to avoid security on tenure and rent control.

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    So, Peter Gunby, do you think it is right that if interest rates rise by 3% at any point, I will have an actual income of £5,000 pa with which to support my children (I am a full-time landlord with a portfolio of all kinds of properties, housing around 100 people), but I will now be under the FICTITIOUS INCOME REGIME? This means that I will have a deemed income of £90,000 and a tax bill of over £9,000, leaving me with minus £4,000. I will still be expected to keep my properties to a fantastic, legal standard, following all regulations and laws. I will not be entitled to any state help - as I now have my fictitious income to support me. The tax change is complete bonkers. Only people who don't understand its implications or are envious, heartless people could support it.

  • icon

    I urge anyone who is against this bill to sign the petition: https://petition.parliament.uk/petitions/104880

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