An online petition aiming to get 100,000 signatures expressing opposition to Chancellor George Osborne’s buy to let tax changes looks certain to fail.
The petition, here, has under 57,000 signatures - if it secures its six figure target by January 27 (next Wednesday) it will oblige MPs to consider having a debate on the issue, although this will by no means guarantee a change of heart.
Osborne’s proposal is that mortgage interest tax relief for buy-to-let homebuyers should 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 next year.
"Buy to let landlords have a huge advantage in the market as they can offset their mortgage interest payments against their income, whereas homebuyers cannot. And the better-off the landlord, the more tax relief they get. For the wealthiest, every pound of mortgage interest costs they incur, they get 45p back from the taxpayer” Osborne told MPs last summer.
The petition came about from a campaign called SayNoToGeorge, which sprang up as a response to the proposed measures.
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Buy to let Landlords do have a huge (subsidized) advantage in the market!
Imagine if there was an issue that worried MPs and suppose 400 of them signed a petition against it.... obviously that's way short of 100,000 so who cares and why should anyone listen! The fact that there are only 650 MPs in total (I think) and so in this example more than 1/2 expressed their concern is obviously neither here nor there.
There are NOT millions of landlords. Therefore if more than 56,000 of us are worried or annoyed enough about something that affects our industry, and may ultimately affect our tenants (of whom there are quite a few"), and as a result take the trouble to sign a petition about it that should be taken very seriously indeed by the government!
"For the wealthiest, every pound of mortgage interest costs they incur, they get 45p back from the taxpayer” - that's outrageous! I hope these tax law changes be implemented ASAP!
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