Councillor warns of second homes gold rush

Councillor warns of second homes gold rush

Tuesday, February 03, 2004

In what may be the first in a rush of second-home scares for councils in sensitive areas, a Lake District Councillor has warned that demand for second homes in the area could rise under new pension tax proposals.

The councillor warned that government proposals to allow people to use second homes as part of their pensions plans would exacerbate the shortage of affordable housing for local people in South Lakeland.

According to a report in the Westmorland Gazette, Councillor Stan Collins asked South Lakeland District Council to write to the government to express "alarm and repugnance" at the proposals.

He said the scheme, due to come into force in April 2005, proposed tax rule changes that would allow people to use second homes as part of their pension fund and set that home's value against their income tax.

The government proposals were published alongside the pre-Budget report. However, they will only come into force in 2005 with the rest of the package if the government decides to implement the ‘simplified’ regime.

Under the scheme, pension fund savers will be able to transfer their existing properties into a pension fund, as well as buying new ones, giving further tax advantages.

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