Why is there no capital gains tax on houses? youtu.be/UXboAQchWd0?si… via @YouTube The second most expensive tax exemption in the UK lets homes be sold without capital gains tax. There are reasons for that, but isn’t it time to create a charge on these gains - if only on death?
@RichardJMurphy @YouTube Absolutely, scrap this benefit although it would mean home owners keeping detailed records of money spent on the property so that the gain when sold could be calculated. What do you think @DanNeidle ?
@RichardJMurphy @YouTube Probably make sense to remove the exemption but allow roll over relief, so that only the portion of the gains not used in buying another residential property is taxed.
@RichardJMurphy @YouTube Why is an “Economic Justice Campaigner” advocating for MORE tax? 🧐 Needs a radical rethink. The problem isn’t tax distribution, it’s the reasons we have high taxes in the first place. State overreach Welfarism High taxes and tax code chase away entrepreneurs and investment
@RichardJMurphy @YouTube To allow people to have movement for work.
@RichardJMurphy @YouTube Not in favour. For most ppl, they do not buy a house as an investment. They would have to be exemptions.
@RichardJMurphy @YouTube Why not just increase stamp duty by another 1% and make it payable by the seller of the property, the buyer pays nothing.
@RichardJMurphy @YouTube Inflation dear boy, inflation! Indexation will be the cry! And are you ready to accept capital gains tax losses on principal private residences when (and probably in the not too distant future) we have a 1930’s style collapse in house prices? jstor.org/stable/20003480
@RichardJMurphy @YouTube There is a CGT Residential Property Return for those who dispose of second homes or investment properties. I believe it is widely ignored and not policed by HMRC because they don’t have resources or motivation.
@RichardJMurphy @YouTube I think that there is Capital Gains tax on housing
@RichardJMurphy @YouTube Richard. When you post all your receipts from HMRC for your voluntary tax overpayments, you can come out and lecture the rest of us on why the state should take even more of our money.