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Empty Property Investments Face Tax Blitz
With a believed £382 million lost on council tax for empty properties every year, the government is now considering a new tax blitz to combat this.
Currently property investors and second home owners are able to claim discounts on their council tax due to under use and their properties being vacant. Yet this is soon to change…
The government has revealed plans to introduce a new tax which will penalise property investments that have been left vacant for more than 2 years and on holiday homes that are only used at the weekends.
By doing so, they feel this will allow local authorities to raise an extra £420 million which they can use to pay for services.
And considering the figures it is easy to see why the government wants to do this…
According to governments figures:
In addition, the government are also considering clamping down on landlords who leave their properties empty for long periods by increasing the amount of council tax they pay.
Currently property investors and second home owners are able to claim discounts on their council tax due to under use and their properties being vacant. Yet this is soon to change…
The government has revealed plans to introduce a new tax which will penalise property investments that have been left vacant for more than 2 years and on holiday homes that are only used at the weekends.
By doing so, they feel this will allow local authorities to raise an extra £420 million which they can use to pay for services.
And considering the figures it is easy to see why the government wants to do this…
According to governments figures:
- More than ½ million properties stand empty for most of the time which could be used to half the number of families on social housing lists
- Last year 246,000 properties were eligible for a second home discount of 10-50% - costing councils £42 million
In addition, the government are also considering clamping down on landlords who leave their properties empty for long periods by increasing the amount of council tax they pay.
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More about the author of this article
Jatinder Singh, Property Mentor Delegate
A qualified chartered accountant, Jatinder Singh understands more than most about the financial implications of trying to get on the property investment ladder. Land tax, income tax, inheritance tax – using his specialism’s in land and property, Jatinder has helped many Property Mentor course attendees to successfully invest in property. Read more
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