A petition to oppose the proposed change in buy to let landlords’ tax breaks is nearing the 14,000-signature mark – but still has some way to go to force the government to consider a debate on the subject.
By passing the 10,000-signature threshold, as it did last week, the petition will now receive a formal response from the government, likely to take the form of an open letter.
But 100,000 signatures are required for the government to consider a debate on the issue. Even then there is no guarantee that a debate would happen, nor that it would have some form of vote which could see the measure overturned.
In any case, the measure – which if implemented would limit tax relief to the basic rate of income tax of 20% even if a landlord pays a higher rate of tax – will be debated when MPs return from their summer recess in October, as it forms part of the emergency Budget which has to be voted on in both the Commons and the Lords.
The petition, which is entitled 'Reverse the planned tax relief restriction on individual landlords', was set up by London-based landlord Ruhal Uddin. You can see it here.
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Many thousands of Landlords do not realise the impact on them because of the clever/confusing wording that this prposal has been couched. The reality is very very different, what the proposal doesn't say is that many thousands of Landlords will, for tax, purposes be deemed higher rate taxpayers because mortgage nteret will be disallowed as a business expense.
For more details go to www.saynotogeorge.co.uk or www.property118.com/budget-2015-landlords-reactions/76164/comment-page-302/#comments
Absolutely Gary. I think a lot of people just think that it means 'a bit extra' tax for them, but for many it will mean their BTL properties are unviable, and for some landlords it will mean bankruptcy. The knock-on effect to tenants will be either to pay much more rent or they will lose their homes. The Chancellor seems to be want to be known as the man that nailed the deficit and nothing else matters.
Sorry - typo - Barry
It is quite interesting that it is even proceeding by the "normal" codex. 100,000 signatures Required?. I think that it would have much heavier consequences for the tenants, simply because the landlords just Have to rise the taxes. I hope the petition succeed as soon as possible.
LIlly Collins
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