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Petition on planned tax relief changes passes 21,000 signatures

A petition to reverse the planned buy-to-let tax relief changes has passed 21,000 signatures.

Landlords say they have been unfairly targeted by the changes, which restrict the tax relief landlords can claim on property finance costs to the basic rate of income tax.

The petition says: “We operate as sole traders and incur costs in the course of running our business. The planned restriction will unfairly target us by preventing us from offsetting costs in the same manner as other sole traders. 

“We ask that the planned restriction be reconsidered as it has unfair implications.”

The petition needs 100,000 signatures before it can be considered for debate in parliament.

The Government says just 18 per cent of individual landlords are expected to pay more tax as a result of the measure. 

It says: “The Government is committed to a fair tax system so is restricting tax relief landlords can claim on property finance costs to the basic rate of income tax. 

“Landlords are currently able to offset their mortgage interest and other finance costs against their property income, reducing their tax liability. 

“This relief is not available for ordinary homebuyers and not available to those investing in other assets such as shares.” 

It adds: “By unifying the treatment of finance costs for all individual landlords, the Government is reducing the distortion between property investment and investment in other assets, and reducing the advantage landlords may have in the property market over ordinary homebuyers.”

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