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A petition set up in opposition to proposed tax changes for landlords in the buy to let sector has now surpassed 35,000 signatures, but it still has a way to go before it triggers a parliamentary debate.
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Online Petition
The petition, which can be reached here, needs 100,000 signatures before this can happen, but there is a six month deadline and once this has been passed, the fight will be over. Besides which, according to Richard Lambert from the National Association of Landlords, there is no guarantee that even if the petition does reach 100,000 signatures MPs will make a serious attempt to debate the issue within the necessary time-frame.
Say No to George
The online petition is not the only place where you can go to express your dissatisfaction about George Osborne’s tax changes. The ‘SayNoToGeorge’ website has been set up to offer information to landlords and tenants, letting and estate agents, and suppliers. The website is full of information about how the tax changes affect everyone in these categories, so if you are not sure whether you want to sign the petition, do your research first.
Government Tax Changes
George Osborne has removed mortgage interest tax relief for higher rate tax payers who own buy to let properties. Landlords who fall in this category will be restricted to a basic rate of income tax relief at 20%, irrespective of whether they are higher rate tax payers or not. Critics say this is unfair, but George Osborne is adamant it will balance out any unfairness in the current system.
