Here's an idea that could earn the government £400bn in 25 years | Nils Pratley

A capital gains tax on primary residence – it may be politically toxic but has the virtue of fairness

The UK’s public finances are “on an unsustainable path”, the Office for Budget Responsibility said last week. Since it has been saying as much for years, even before Covid-19 provoked a surge in borrowing, the analysis was hardly a surprise. The difference now, however, is that the debt numbers are so large that the government is obliged to consider big, radical, long-term solutions.

Here’s one such idea, from Michael Johnson, a former banker and actuary, in a paper for the Social Market Foundation thinktank: introduce a capital gains tax on primary residences.

Continue reading...

from Property | The Guardian https://ift.tt/2OTWvuO
via IFTTT