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Which makes property more affordable, so it's the direction the govt needs to move in. Profit belongs to the govt.
Why should you get wealthy just from owning a house? Rising house prices are a problem so if a profit tax was introduced, that would automatically stop prices rising so much.
I'm not advocating for it but it would be interesting. There would have to be some allowance on how long you had owned the place. And it would penalise people badly who renovated.
Do these European countries have stamp duty on buying?
The UK way is tax buyers and not sellers. We could switch that, but then abolish stamp duty. So not sure how much extra revenue it would generate (if can claim against inflation and renovations).
No, the way it's going to work here is that both sides will be taxed with same (or lower - means tested) tulip services on offer
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.
Do these European countries have stamp duty on buying?
The UK way is tax buyers and not sellers. We could switch that, but then abolish stamp duty. So not sure how much extra revenue it would generate (if can claim against inflation and renovations).
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.
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.
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.
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