A petition calling on the government to reverse the section 24 tax change has passed a key threshold - but still has some way to go before triggering a Parliamentary debate.
The petition has passed the 15,000 signature level but needs a full 100,000 to guarantee a debate.
The petition, on the Parliamentary website, is by Midlands landlord Simon J Foster 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.”
Before Section 24 was introduced in 2017, landlords were able to deduct mortgage interest from their ncome 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.
You can sign the petition here: https://petition.parliament.uk/petitions/627785
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Landlord Today returns on Tuesday January 3 2023, and wishes all readers and their families a successful New Year and a well-deserved break!
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I think the first line of this article is incorrect. Way to go, eh?
Should it not read Section 24 not Section 28?
Sec 24 is an actively discriminatory piece of legislation effectively transferring tax from profit to tax on turnover. I’ve already signed this petition and so should the other 2.4 million landlords out there.
Time to ‘push back’ on this and so much more.
I can't believe this petition has only reached 15,000 or so signatures. It's been mentioned on various "landlord" website that claim to have 100's of thousands of subscribers etc and the NRLA forum which claim to have 100,000 members. Something does not seem right there!
When you assume most landlords who sign would also ask family, friends and tenants to sign also, this realy is a very poor showing.
I cant either, thats about 0.5% of landlords who have a mortgage.
I don't understand this also. If this pace continues we have no chance of a debate.
I agree with Mario, write to your MP also.
Sentiment is very slowly changing in main stream media and we have to keep the pressure on anywhere we can.
If the current trend continues I will no longer wish to be a Landlord.
Every landlord, letting agent and even tenants who understand it in their best interest should sign this petition !!
Andrew. I didn’t see you on the landlord honoured list for your contribution to affordable quality housing, putting a roof over people’s heads off your own back with your own labour & finance. Some people are so ungrateful. Happy New Year to all Landlords.
Happy New Year to you, Andrew and all the hardworking, conscientious, scrupulously fair landlords on this forum. I hope you all have a 2023 where you are not persecuted too much!
I was ROBBED Michael, maybe next year, Happy new year to you mate and everyone else on here, it's going to be a hard one but us oldies have been here before and come through it, we'll do it again
Wishing all our fellow hardworking landlords, a New Year 2023 full of good health and happiness.
My fellow brothers and sisters, a heart felt Happy New Year to you all, let's hope that 2023 will not be as bad as we imagine.
At least 2024 should be a better year as the tories will do their level best to give tax breaks in the hope they will be voted back in!
Good luck and health to you all.
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