Should second home owners pay more tax? Have your say

Should owners of second homes be subject to higher taxes?

A majority of Brits seem to think so, supporting a levy on second homes in the hope that the funds could be used to increase social housing. A YouGov poll, conducted for think tank Common Wealth and involving 2,157 participants, revealed that nearly two-thirds of people also favour larger taxes on buy-to-let properties.

Should second home owners pay more tax? Have your say! Join in the conversation.

READ MORE: Jaw-dropping A417 video shows immense scale of road-building project

READ MORE: A417 traffic live: 30 minute delays on major route as road blocked

Councils nationwide are wrestling with the issue of "home hoarding", whether it's holiday homes or vacant properties that could be utilised. One proposed solution is to hike the council tax levy on unoccupied or seldom-used homes, either to deter this practice or generate additional revenue.

Over two-thirds of Brits support a tax on second homes to fund more social housing, while 62% believe taxes should also rise on buy-to-let properties.

Mathew Lawrence, the head of Common Wealth, commented: "Our new analysis shows there is broad support for ambitious reform of the housing system across different social groups."

He added: "We found widespread support for raising capital gains tax on additional properties, across voting preferences and including among groups with more housing wealth, like outright owners.", as reported by the Mirror.

The proposal garners significant backing from Labour supporters, with almost 79% endorsing a higher capital gains tax on second homes and 73% in favour of a hike on buy-to-lets. Even Conservative party backers display substantial support, with 64% advocating for a higher capital gains tax on secondary residences and 53% for buy-to-lets.

Among Reform UK supporters, there's a notable consensus, with 63% endorsing the tax increase on secondary homes and 59% on buy-to-lets.

This development comes in the wake of the Scottish Parliament's recent approval of a tax increase on second and holiday home purchases, which is predicted to inject an extra £30 million into public services.

Mr Lawrence commented: "From building more social housing to taxing those with surplus housing wealth, it is clear the public want change. With the government focussing on delivery this year to address Britain's overlapping crises a bold agenda on housing is critical."

Should second home owners pay more tax? Have your say! Join in the conversation.