2023-07-29 12:06:44
LONDON: Local councils could be allowed to double UK property tax for those who own two homes. The Telegraph newspaper reported that the move is to help finance the construction of houses for the homeless in the country.
The tax hike move is part of a bill to help revive the local economy. It is in the final stages of being passed by Parliament. The Telegraph also states that the law may come into force in April 2025.
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Around 25 per cent of local councils in England, including Devon, Cornwall, the Lake District and Norfolk, have already agreed to the move. Taxes from these councils alone are thought to bring in around £200 million ($257 million) in annual revenue.
Higher taxes on second homes will be used to implement the government’s decision to build one million new homes in the country. Elections will be held by early 2025. Housing has become a major national election issue. The opposition Labor Party is also in favor of taxing people with two homes.
More than 809,000 people in the UK will have two homes in 2021-2022, according to government figures. The government claims that the bill is aimed at making housing affordable for all.
English Summary: UK second-home owners may see tax double from 2025
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