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Retiring MPs in line to make up to £9 million profit from sale of second homes Retiring MPs in line to make up to £9 million profit from sale of second homes
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Veteran MPs could cash in on their taxpayer-funded second homes to the tune of £9 million, according to research.Veteran MPs could cash in on their taxpayer-funded second homes to the tune of £9 million, according to research.
An analysis of MPs' expense records and property evaluations found that as many as 30 MPs who were elected before 2010 and have announced they are standing down at the election could make profits of more than £1.8 million by selling their properties. A study of MPs' expense records and property evaluations found that as many as 30 MPs who were elected before 2010 and have announced they are standing down at the election could make profits of more than £1.8 million by selling their properties.
This is because MPs were able to claim an “additional cost allowance” to help with maintenance costs at their second home before the expenses scandal broke in 2010.This is because MPs were able to claim an “additional cost allowance” to help with maintenance costs at their second home before the expenses scandal broke in 2010.
The scheme was subsequently dropped but those who kept hold of their second homes could be in line for a healthy profit if they decide to sell.The scheme was subsequently dropped but those who kept hold of their second homes could be in line for a healthy profit if they decide to sell.
David Willetts tops the chart in terms of who is set to make the biggest profit (Getty) MPs who make profits exceeding £11,100 from selling properties designated as their second home are subjected to 28 per cent Capital Gains Tax but the booming housing market means some could make hundreds of thousands of pounds in profit nonetheless.David Willetts tops the chart in terms of who is set to make the biggest profit (Getty) MPs who make profits exceeding £11,100 from selling properties designated as their second home are subjected to 28 per cent Capital Gains Tax but the booming housing market means some could make hundreds of thousands of pounds in profit nonetheless.
A study by online estate agent eMoov estimates that former Tory Cabinet minister David Willetts could make a profit of more than £1.8 million if he sells the property he designated as his second home.A study by online estate agent eMoov estimates that former Tory Cabinet minister David Willetts could make a profit of more than £1.8 million if he sells the property he designated as his second home.
Labour's John Denham could also be set to make big profitsLabour's John Denham could also be set to make big profits
This is due to a massive increase in its value from the £535,000 he paid for it initially. Second highest on the list of potential profit makers is Labour's former Cabinet minister John Denham, who could rake in a profit of more than £1.4 million.This is due to a massive increase in its value from the £535,000 he paid for it initially. Second highest on the list of potential profit makers is Labour's former Cabinet minister John Denham, who could rake in a profit of more than £1.4 million.
Meanwhile Tim Yeo, the Conservative MP for South Suffolk, could make as much as £504,000 in profit if he were to sell his second home after the election because of the increase in property values.Meanwhile Tim Yeo, the Conservative MP for South Suffolk, could make as much as £504,000 in profit if he were to sell his second home after the election because of the increase in property values.
His Thames-side property has rocketed in value from £357,230 to an estimated current value of £861,723.His Thames-side property has rocketed in value from £357,230 to an estimated current value of £861,723.
Tory MP for South Suffolk Tim Yeo is among those who could benefit from booming house prices (Getty) The second home allowances claimed by MPs for the upkeep of their properties between 2005 and 2010 ranged from £47,848 by former Cabinet minister Jack Straw to the £133,386 claimed by Mr Yeo.Tory MP for South Suffolk Tim Yeo is among those who could benefit from booming house prices (Getty) The second home allowances claimed by MPs for the upkeep of their properties between 2005 and 2010 ranged from £47,848 by former Cabinet minister Jack Straw to the £133,386 claimed by Mr Yeo.
  
Half of the 30 MPs identified in the research were Labour MPs, 12 were Conservatives and three were Liberal Democrats.Half of the 30 MPs identified in the research were Labour MPs, 12 were Conservatives and three were Liberal Democrats.
A survey of 2,000 by eMoov and City A.M found nine out of ten people wanted profits made by MPs on second homes to be paid back to the public purse.A survey of 2,000 by eMoov and City A.M found nine out of ten people wanted profits made by MPs on second homes to be paid back to the public purse.
Sir Peter Viggers' duck house is the face of the 2009 MPs' expenses scandalSir Peter Viggers' duck house is the face of the 2009 MPs' expenses scandal
Russell Quirk, founder and chief executive of eMoov.co.uk said it was wrong that so many retiring MPs were profiting at the expense of the taxpayer.Russell Quirk, founder and chief executive of eMoov.co.uk said it was wrong that so many retiring MPs were profiting at the expense of the taxpayer.
“It’s fair to say that the amount of profit each MP is due to make on their property has been inadvertently intensified by the increasing price of property over the last few years, particularly those living in London,” she said.“It’s fair to say that the amount of profit each MP is due to make on their property has been inadvertently intensified by the increasing price of property over the last few years, particularly those living in London,” she said.
“Those outside the capital will be due to make a lot less. This said, the fact of the matter is that they are benefiting at the expense of the taxpayer, this isn’t right and they must pay it back.”“Those outside the capital will be due to make a lot less. This said, the fact of the matter is that they are benefiting at the expense of the taxpayer, this isn’t right and they must pay it back.”
There is no suggestion that any of the MPs have done anything wrong as the claims made were entirely in the rules at the time.There is no suggestion that any of the MPs have done anything wrong as the claims made were entirely in the rules at the time.
All the figures stated are estimates.All the figures stated are estimates.