A 100 per cent council tax premium on second homes which could bring in an extra £25 million in revenue each year has been approved by Cornwall Council’s cabinet committee.

The decision will now go to a full meeting of Cornwall Council early next year for final approval.

The premium will be in place from April 1, 2024, provided the relevant legislation is passed through Parliament in time.

The proposed changes were approved unanimously when the cabinet committee met at County Hall in Truro on Wednesday.

The government’s Levelling Up and Regeneration Bill which was announced in May will give to councils the power to introduce a 100 per cent council tax premium on second homes.

In order for the premium to be implemented in 2024, the bill must have received Royal Assent by April 1, 2023.

According to the council tax database, there are 13,292 second homes registered in Cornwall which are widely recognised as impacting negatively on the local housing market.

Cllr David Harris, deputy leader and portfolio holder for resources, told his Cabinet colleagues: “This will help the local housing market and is potentially worth £25 million a year to us.

“I have asked our MPs to do their damnedest to make sure this Bill does get Royal Assent before April 1, and I make no bones about making that request again today.

“£25 million a year for this council is a lot of money, and to lose it for the sake of a bill not going through for a month or so is something that would certainly be annoying.”

Cllr Olly Monk, portfolio holder for housing, said: “This is great news, it is something we have been calling for since before we formed this administration.

“It means that, together with the registration scheme of all holiday lets and the planning changes which the whole council has been calling for around private residences, this will start to give Cornwall much greater control of housing moving forwards.”