Since the government is not prepared to level the playing field and reintroduce MIRAS (at 100%) for all, it should instead scrap the tax relief enjoyed by buy-to-let speculators. This exemption/deduction is both expensive (to the taxpayer), distorts the market, encourages speculative bubbles and favours a vested interest over the wider economy.
Why does this idea matter?
Heaven knows speculators have caused enough problems by bringing the entire western economic system to the brink of armageddon – the government should stop encouraging them with handouts like this.
The current system is is also grossly unfair since it demands that first-time-buyers subsidise the speculators who are pricing them out of the market.
In addition, if Britain wishes to return to growth and prosperity then we have to get over this idea that speculating on ever higher property prices beats working for a living.