The petition to secure government action over the Section 24 tax issue affecting landlords has passed the 16,500 benchmark but has a long way to go before hitting a 100,000 target.
At that point the government is effectively obliged to have a Parliamentary debate on the issue.
The petition, from Midlands landlord Simon J Foster, urges the government to reverse the Section 24 tax change. Before Section 24 was introduced in 2017, landlords were able to deduct mortgage interest from their income tax - at that time it was also possible to offset mortgage application fees and some other loans.
Now tax is payable on all rental income upfront, even if - combined with an income from a traditional job - it moves the landlord into a higher tax bracket. Instead, landlords now have only a basic rate reduction from their income tax liability for their finance costs of 20 per cent.
Although various trade bodies and landlord publications have publicised the petition, take up has been limited - but the petition will remain ‘live’ until May 10.
It reads: “We want the Government to reinstate the ability of landlords to set the full amount of mortgage interest against rental income, before tax is calculated. Like many self-employed business people I am a small, well-established private landlord that is now struggling to make any money from letting properties. Unless the ability to offset mortgage interest against rental income is reinstated I will like many be forced to sell my properties. This could reduce the amount of properties available on the private rental market.”
You can sign the petition here: https://petition.parliament.uk/petitions/627785
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Ah yes the Petition should have included Retention of Section 21 and it would have reached 100’000 already no Landlord or Owner wants to loose this the very Foundation of all Private letting, before which there was no private letting do you not get that, or did you come on board in recent years for an easy ride but still hiding behind the bush instead of standing up and be counted.
Even with S21 in the petition it would not reach 100k. LLs seem to be the least effective people around when it comes to protecting their business. Over 2 million LLs, only 100k in the biggest trade body & only 16k bothering to sign the petition. There is really no hope for us!
Mario, I have 30 cream coloured envelopes no less with House of Commons stationery from my M.P. to no avail because he in a Benefit Claimants stronghold in Brent and Re-elected by them as a Labour M.P. for the 7th time, so they have all the say and we have no sway.
Landlords whinging and complaining about being unfairly treated, then not bothering to sign the petition? No wonder they walk all over us... We're easy meat.
Although I have signed in support of others, I don’t see the S24 problem as big as the S21 issue. I never saw it as overtaxing my property income, but as forcing me to pay 40% on any earnings, so I packed that up.
I read today in the news that Rishi wants all students to continue studying maths to 18 and that there is a shortage of teachers. Well this is one that wont be going back for 60% of what I earn.
Micheal write to the prime minister and point out that there is no shortage of jobs in London so why do many spongers in Brent. My MP has disenfranchised me. He is a Whyte is shyte person.
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