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Notsensibles guitarist Steven Hartley told the BBC News website the song - which features the chorus line "I'm in love with Margaret Thatcher, I'm in love with Margaret Thatcher, I'm in love with Maggie T" - had been conceived as a satirical swipe at the former Conservative leader.
BBC: UK
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As bizarre as it may seem, Ronald Reagan and Margaret Thatcher conceived a love child.
FORBES: Ronald Reagan: The Father of CSR
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But the corporation said that 1980 punk song I'm In Love With Margaret Thatcher - the subject of a pro-Thatcher Facebook campaign - would be played in full on the Chart Show if it reached a high chart position.
BBC: UK