Although a petition has been raised calling on the government to take a U-turn on the section 24 tax change has just passed the first key threshold of signatories, however it is way off the number needed to ensure a Parliamentary debate is tabled.

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So far the petition has more than 15,000 signatures but has to reach the 100,000 target for MPs to debate the issue.

The petition started by Simon J Foster a Midlands landlord, is available on the Parliamentary website and 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.”

In 2017 prior to Section 24 was legislated, private landlords were able to deduct their mortgage interest from their income tax liability, and were also allowed to deduct mortgage application costs and in some cases loans.

Currently tax is now payable on all rental income and if landlords also receive additional income from a job, it can put them into a higher tax income bracket.

As slated by the whole sector landlords are now only allowed a 20 per cent basic rate deduction from their income tax submissions.