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Scrap the surcharge! Strong support for petition to repeal buy to let taxes
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Original Source: Letting Agent Today.
Original Author: Graham Norwood.
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There has been strong support for an e-petition calling for the scrapping of the stamp duty surcharge on buy to let properties and the reintroduction of full mortgage interest relief for landlords.
The petition has been created by Mark Homer of investment education firm Progressive Property, and it has so far attracted well over 16,000 signatures.
Because it passed the 10,000 market it has received a standard government response in saying: “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 runs until November 14 and if it attracts 100,000 signatures, it will have to be considered for debate in Parliament.
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.
You can see it here.
