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.