Peterborough MP Stewart Jackson is one of a number of MPs in discussions with the Independent Parliamentary Standards Authority (IPSA) over valuations on properties.
Dozens of MPs are understood to be unhappy with judgments relating to properties. A directive, confirmed to the PT by IPSA this week, states that MPs were given a two year “transition period” between August 2010 and August 2012 in which they were allowed to continue claiming allowances on mortgage interest payments on their second homes.
IPSA told MPs that those who claimed for mortgage interest during those two years would be liable to pay a ‘nominal’ lump sum ‘capital gain’ at the end of the period, if IPSA judged that the value of their second home had risen during those two years. This payment would have to be made even if the MP has not sold that property, meaning that any “capital gain” would be tied up in equity and would have to be paid out of MPs’ own pockets.
A number of MPs are understood to be questioning the IPSA judgement and the valuations placed on properties which, in some cases, it is believed do not necessarily reflect market values. The PT understands that Mr Jackson’s only current home is in Peterborough.