UK urged to tax £3tn windfall from 20 years of soaring house prices
The £3tn windfall from soaring house prices in the past 20 years should be subject to a capital gains levy so that poorer households can be spared paying more in tax, a thinktank has urged.
A report from the Resolution Foundation said the government should consider applying capital gains tax (CGT) to increases in the value of main residences in the UK as well as to sales of second homes, instead of increasing tax on income and profits.
The thinktank admitted it would be a hard sell but said house prices had risen by 86% more than inflation in the past two decades and the gains had been “unearned, unequal and untaxed”.
The increase in national insurance contributions and the 2023 rise in corporation tax will mean taxes as a share of the economy
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