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I think you'd need some form of rollover relief if you were selling to buy another property though (assuming the market didn't magically correct).
Although that 200k increase looks good on paper, often in reality it means that the property you want to buy has increased by £300k.
aggi-
Although that 200k increase looks good on paper, often in reality it means that the property you want to buy has increased by £300k.
But that's just assuming you should just be able to buy another more expensive property based solely on the fact your property has increased in value, rather than the fact you've earned more money elsewhere or are able to get a bigger mortgage.
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Although that 200k increase looks good on paper, often in reality it means that the property you want to buy has increased by £300k.
I can see your logic but the hope would be that CGT in primary homes would attenuate property price rises.
snottyotter
Stonehedge
I'd love to see CGT at 28% for primary residences as well as other properties. Can't think of any reason why somebody should avoid paying capital gains after benefitting from a rise in property value. You home has increased in value by 200k since you bought it? Great, that'll be £56k please.
Maybe there is an argument to get rid of the CGT personal allowance and possibly raise rate for chargeable assets from 20% to 28% but as others have pointed out, you don't want do discourage people from taking risks with their capital.