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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 = £42k
I can't see this happening tbh. I'm all for taxing unearned capital appreciation but all this would do is stop people selling.