16th
Jul 2018
An e-petition is gaining considerable momentum as it is demanding the government to scrap the onerous stamp duty surcharge on BTL properties and the extremely unjust reduction of the mortgage interest tax relief, which should be reverted back to how it was.
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The person responsible for the creation of the e-petition is Mark Homer of an investment education firm, and it is gaining considerable support as it now currently standing at 17,000 plus signatures and rising daily.
As the number of signatures has achieved more than 10,000 the government has had to respond and it reads: “The Government introduced changes to finance cost relief as part of a package of measures at Summer Budget 2015 to help reduce the deficit and rebalance the economy.
By restricting landlords’ finance cost relief to the basic rate of income tax we are helping to reduce the advantage landlords may have over home owners in the property market.”
The petition will close on November 14th and upon reaching the 100,000 mark will have to be considered for a parliamentary debate.
Homer’s petition reads:
Reintroduce full mortgage interest relief and drop the 3% stamp duty surcharge
We call on the Government to reintroduce full mortgage interest relief and to drop the 3% stamp duty surcharge which is increasing homelessness by driving many landlords out of the sector, meaning tenants have less choice and higher rents.
There will still be a continuing growth in demand for housing and a significant part of this will have to be available through private landlords. It is time to review the tax changes on buy-to-let landlords. It’s clear that the availability of rental property has decreased and rents have risen markedly. We call for policy change to end these disastrous tax policies which cause such profound suffering.
PIMS comment: "We are obviously behind the petition and if it can reach the mandatory 100,000 signatures required it may have its day in Parliament. To add your signature click
here, it only takes on 30 seconds to complete and confirm by email which we have done.
The page also features the government's full response which makes extremely 'interesting' reading."
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