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Grant first time home buyers a tax opt out to allow them to save a deposit

Submitted on Friday 28th September 2018

Rejected on Thursday 25th October 2018

Current status: Rejected

Rejection code: no-action (see below for details)

Petition Action

Grant first time home buyers a tax opt out to allow them to save a deposit

Petition Details

Rising rents, transport costs, costs of living and rising house prices are leading to a generation of renters for whom owning their own home is a pipe dream due to the difficulty of saving up a deposit, even at 5%. A responsible tax opt-out scheme would alleviate this.

Additional Information

On a £24k PA salary, monthly tax and NI contributions amount to around £350. In less than 2.5 years this is £10K or a 5% deposit on a £200k home. This could be covered by the estimated £8bn EU net contribution saved by Brexit (320,000 people saving £25K PA)
To ensure the money goes towards home ownership, the tax saving could go into government ISAs which can only be used for home buying, capped at £30k, means tested, and a ban on using for buy to let, house flipping for profit etc.


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This petition was rejected

The Government e-Petitions Team gave the following reason:

Petitions need to call on the UK Government or Parliament to take a specific action.

We aren't sure what you mean by a "responsible tax opt-out". We aren't sure whether you mean that people would not have to pay tax and national insurance and, if so, who would not have to pay.

You could start a new petition setting out clearly what you would like the UK Government or Parliament to do.

Have your say on this petition!

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