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Budget proposals to limit tax breaks for landlords has not gone down well with landlords and property investors. Many are up in arms about the planned changes and as you might expect, some are ready to fight back.
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Landlord Tax Levy Campaign Landlords disgruntled about the government’s recent Budget proposals can now sign up to a Landlord Tax Levy Campaign Group, which has been well publicised on the Property 118 website. The group is asking for members to spend 15 minutes a day sending letters to their local MPs (and anyone else who might be willing to lobby against the proposed tax break cuts).
Say No To George! The www.saynotogeorge.co.uk is another place to go if you are unhappy about the changes. The website has been set up to explain how the tax proposals affect everyone in the property sector: landlords, lettings and estate agents.
Online Petition Both websites link to an online petition, which has attracted more than 12,000 signatures already. The petition seeks to reverse the planned tax changes, which unfairly target individual landlords by preventing them from offsetting their costs, as other sole traders are able to do:
“We ask that the planned restriction be reconsidered as it has unfair implications.
“The Institute for Fiscal Studies has stated, in response to the Budget, that individual landlords are already taxed more heavily than other homeowners.”
Because the online petition has passed the 10,000 mark, the government is obliged to respond, but if it reaches the 100,000 mark before the January 26 deadline, the petition will be considered for a Parliamentary debate.