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Retired teacher 'may have to sell second home' due to tax increases

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dailyrecord.co.uk

A retired teacher is angry that she may possibly be forced to sell her second home, due to a new tax increase that will cost them thousands.

Fiona Wilson, 66, and her husband David, 68, bought a seaside property in Whitby, over a decade ago to rent out as an addition to their main home in nearby North Yorkshire, which they bought for £205,000 in 1999.After retiring, the former educator decided to make the Whitby property their second home instead, so they could spend their extra time on frequent coastal trips.

But due to tax nearly doubling on second homes in the county to address the housing crisis the couple maybe forced to sell the three-bedroom property, reports Yorkshire Live.The couple bought the cottage for £150,000 in 2010 with the intention of renting it out to holidaymakers to supplement their retirement income.Fiona explained: "We were both working full time.

I was a teacher and my husband was a pharmacist."We deliberately bought it as a source of extra income to be used to supplement our retirement as part of a retirement plan."The couple enjoyed low tax while the property was rented out, thanks to 100 per cent business rate relief.

Read more on dailyrecord.co.uk
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