Submitted on Tuesday 15th November 2011
Published on Wednesday 16th November 2011
Current status: Closed
Closed: Friday 16th November 2012
Signatures: 13
Tax By To Lets
Currently an investor can purchase a property on a buy to let mortgage and receive tax relief on the interest paid on that loan, this is totally unfair, it actually makes it more affordable for someone to buy a home to rent then to live in.
Why are investors allowed this totally ridiculous and abused perk, it is also another reason why some prospective first time buyers cant get a property as prices are inflated when someone else helps pay your mortgage.
Example: Mr Var with an interest only mortgage costing £1000 a month paying 50% tax and renting that property for £1500 a month will only pay tax on the difference, £500, making a total tax bill of £250, they should be taxed on the full rental income paying £750.
A lot of these buy to lets have been brought with city bonuses from the casino banks, its time that we taxed them correctly and got some of our money back.
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