Isle of Wight set to back double council tax plan for second homes

As a popular holiday destination, the Isle of Wight has more than 2,700 second homes

Taxing second homeowners on the Isle of Wight could generate more than £6m a year, according to the island's cash-strapped council.

Government proposals for tax premiums on second homes and empty properties are currently going through Parliament.

Isle of Wight Council's cabinet is set to support the plans, which could allow it to double the council tax on second homes.

The island has more than 2,700 second homes.

Under the proposals, which are part of the government's Levelling Up and Regeneration Bill, the council could also introduce a tax premium on homes empty for more than a year in a bid to encourage more into productive use.

It is estimated the measure would raise a further £286,894 a year.

The council faces having to make savings of nearly £4m in its 2023/24 budget.

Since the pandemic, the authority said 80% of privately rented stock has become unavailable for long-term lets, with an increase in second home and short-term lets.

It has said second home ownership on the Island is recognised to have a negative impact on the availability of houses to meet local housing needs.

Dorset Council recently also agreed to double council tax on second homes when the legislation passes.

If the proposals go ahead, councils would be able to apply the new charges from April next year.