The government may already have dismissed it, but the petition wanting landlords to be able to offset mortgage interest against tax is still winning supporters.
In recent hours it has passed the 30,000 mark but still needs a significant surge in signatures to get to the 100,000 threshold at which point MPs may debate 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.
Earlier this month the government made an official response to the petition, insisting its tax policy was fair and had to be seen not only in the context of landlords but as part of tax policy across the housing market.
If the petition reaches 100,000 signatures by its closing date of May 10 it would be likely - although not guaranteed - that there would be a Parliamentary debate on the subject.
You can sign the petition here: https://petition.parliament.uk/petitions/627785
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What's wrong with landlords? We moan and groan about how unfairly we're treated, then when an opportunity to voice our opinion comes along in the shape of a petition only a small amount of people actually bother to sign it. I've signed it and I'm mortgage free now!! Come on folks. Get a grip!
Agreed where are they all ? I'm also mortgage free and a 20% tax payer so sec 24 doesn't affect me, but I've still signed, why wouldn't I ?
220 signatures in the last 24 hours. Need an average of 667 per day to reach 100k. Things need to pick up.
They'll ignore it if it doesn't fit their agenda , I mean their bosses agenda ...
The fact is George they will ignore, your not wrong there
This petition should be repeatedly raised with the appropriate link on every landlord portal. Well done Landlord Today for keeping it center stage.
Where o where is the voice of the 100,000 members of the NRLA ?
Whilst the petition may not ultimately be successful, the far bigger point is that each signature matters because it demonstrates that LL’s are beginning to show unity.
We cannot expect to halt the ongoing onslaught without fighting back. We really need those 100,000 signatures. Time to sign up.
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