Capital Gains Tax And Second Homes

EDM number 152 in 2007-08, proposed by Timothy Farron on 07/11/2007.
Categorised under the topics of Housing and Taxation.

That this House notes with concern the Government's decision to lower the rate for capital gains tax on sales of all property excluding the primary residence, reducing it from a maximum of 40 per cent. and a minimum of 24 per cent. to a flat rate of 18 per cent.; recognises that this could result in a further increase in second home ownership, which is already a serious problem in areas such as Westmorland and Lonsdale, where in some villages up to 75 per cent. of properties are classified as second homes, forcing schools, post offices and other vital local services to close; and urges the Government to reconsider this policy.

This motion has been signed by a total of 18 MPs.