It’s entirely up to you and somewhat depends on the nature of your agreement with your team member. Are they a freelancer working on a per task or project basis or are they more like a part of full time member of the team?
The most important thing is to set clear expectations, document it, even just a few paragraphs and ensure your team members have a copy they can access. Much like a staff handbook!
If they’re one of your team then we would always suggest to include paid holiday in your agreement, everyone needs chance to recharge their batteries some times. Consider also any local bank holidays that you may wish to consider paying them for.
Don’t let the financial impact rule these decisions, in the scheme of things it’s likely to be really insignificant vs the good will and improved commitment you get from your team members.