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From: Denc 🗡
No tax on second homes In BVI, you pay the same $500 a year as the rest…. Labour prepares new second homes crackdown Government to examine rules that enable owners to sidestep bills completely Labour has signalled it could close a “gaping loophole” which allows second home owners in England to swerve hefty tax bills. Owners can secure a full council tax exemption by letting their property for 70 nights each year. Letting allows them to qualify for small business rates relief, but most are eligible for a full reprieve if they let out only one property. Matthew Pennycook, the housing minister, said “additional powers” for councils on short-term lets and second-home taxation were “under review” when he was asked on Thursday whether Labour would close the “gaping tax loophole”. A consultation paper published in November said the Government would “ensure that any reliefs are appropriately targeted”. The majority of English local authorities introduced a double council tax premium for second home owners last year. However, by shifting on to business rates, a home becomes fully exempt from paying both the second home premium and traditional council tax. To qualify for small business rates relief, a second home owner in England must let their property for 70 nights per year and market it as available for at least 140 days.

Current Thread	Author	Time
No tax on second homes In BVI, you pay the same $500 a year as the rest…....[more]	Denc 🗡	16:59:59
>> Which you prefer…...[more]	Denc 🗡	18:24:03

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