You are reading a single comment by @Howard and its replies.
Click here to read the full conversation.
-
They would have to sack off stamp duty if they put CGT on resi
Also nobody would improve their property
Wouldn’t be a win
Howard-
If they did remove the primary residence CGT exemption it'd be paid on profit, e.g.:
Sale price - £700k
Initial purchase price - (£500k)
Renovations - (£50k)
Profit on sale - £150k @ 28% tax = £42kI can't see this happening tbh. I'm all for taxing unearned capital appreciation but all this would do is stop people selling.
Nelly
Reckon Sunak might remove the CGT exemption from selling your primary residence? Looks like he's going to align the rates with income tax, and he's investigating options around how to generate significant tax receipts from CGT in general.
If we had to pay (for e.g.) 40% tax on the money from the sale of our flat it would certainly put a new complexion on things.