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It would increase the number of people stuck in their first home (flat), no?
It depends.
- 2015 I buy a house for 500k
2020 I sell house for 600k
= 100k gross
...........
Less 50k for loft extension
Less 25k on maintenance and upgrades
= 25k gain
...........
x 18% (as a basic rate)
= 4.5k tax
...........
Factor in couples allowance of £24,600 and the total bill is.....?
- 2015 I buy a house for 500k
hugo7
It would increase the number of people stuck in their first home (flat), no?
The rungs of the UK property ladder are already too far apart for the average resident to move up (kids, etc).
Huge penalties on second homes would get my vote. Clamp down on property purchase vehicles wherever possible (kids, offshore, etc).