CGT on principal home sales ?

[Whorty]

Why not both?

Rishi, is that you?

[jamesbrown]

The possible but could get complex. What about property enhancement work to improve value, selling off land, length of time owned, mortgage value (due you tax all the gain, or just a %), how is it collected and calculated (solicitors?), the drop in house prices because of this, inability to move up the ladder ... so many reasons why this will never happen.

What I think they should do though is change the stamp duty to be paid by the seller and not the buyer.

It can't be that hard because other jurisdictions do it. I agree it probably won't happen, though, but mainly for political rather than technical reasons. Ironically, these sort of sweeping middle class tax increases/reforms are more likely to be introduced by the Tories than Labour, though.

[vetran]

Rishi, is that you?

he is good at double dipping!

[CoolCat]

would just be more of a disincentive to move house, to add to the others like stamp duty, having to go to the start of the queue for various state rationed services like places in the good state schools, place in the NHS queue for family members, etc

destroying what little mobile and flexible workforce we currently have

so not good for UK PLC ability to run projects and make money on the world stage

[Lockhouse]

Introducing CGT on primary residences would have a raft of unintended consequences. For one, it would stagnate the market as people would equity release rather than downsize. I'm sure there are loads more.

I agree with the other poster. Unlikely to happen this time around but is a softening up move so new taxes don't look so bad.

[_V_]

It can't be that hard because other jurisdictions do it. I agree it probably won't happen, though, but mainly for political rather than technical reasons. Ironically, these sort of sweeping middle class tax increases/reforms are more likely to be introduced by the Tories than Labour, though.

Yeah a lot of people think that the whole world has this same idea that the property you own and live in is somehow "untaxable". Many European countries tax the profit on the sale of your primary residence, infact there is no such concept as primary residence, there is just taxes on all property you own, and sell.

They allow any capital spent on it (major renovations / extensions), they also allow the annulised rate of inflation, so any gains below the inflation rate is tax free. Anything outside of this is taxed as a gain.

Tories should bring this in, and basically take all the long years of property price gains straight to their pockets. Then spend the money on consultant companies, friends and and relatives, as per the Tory norm.

[DodgyAccountant]

Yeah a lot of people think that the whole world has this same idea that the property you own and live in is somehow "untaxable". Many European countries tax the profit on the sale of your primary residence, infact there is no such concept as primary residence, there is just taxes on all property you own, and sell.

All very sensible but the middle classes would rather sacrifice their firstborn child than have CGT on their homes.

[vetran]

All very sensible but the middle classes would rather sacrifice their firstborn child than have CGT on their homes.

Depends on the firstborn!

[d000hg]

It's one way to kill house price rises.

[_V_]

It's one way to kill house price rises.

Which makes property more affordable, so it's the direction the govt needs to move in. Profit belongs to the govt.