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@OldGitPhil@eurovision.social @gem_abbott but I want to protect myself from scary things. Gemma is not a scary thing.

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@OldGitPhil@eurovision.social @gem_abbott but I want to protect myself from scary things. Gemma is not a scary thing.

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tl;dr: realistically the abolition of the private residence exemption wouldn’t raise much, and would make the housing market even more dysfunctional.

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tl;dr: realistically the abolition of the private residence exemption wouldn’t raise much, and would make the housing market even more dysfunctional.

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Even with rollover, CGT on homes has undesirable consequences. The lifetime rolled-over gain will often be very large. So it becomes rational for elderly people to hold onto property until they die. Reducing tax revenues and locking up properties.

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Even with rollover, CGT on homes has undesirable consequences. The lifetime rolled-over gain will often be very large. So it becomes rational for elderly people to hold onto property until they die. Reducing tax revenues and locking up properties.

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In a rising market, CGT without rollover would have many of the bad features of current stamp duty - but bigger numbers. Terrible policy and terribly unpopular.

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In a rising market, CGT without rollover would have many of the bad features of current stamp duty - but bigger numbers. Terrible policy and terribly unpopular.

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Couldn’t we just not have rollover? That would create problems.

I buy a house for 50. Years later it’s worth 100. I want to sell it and move to another house worth 100. But I’d have to pay CHT on the 50 of gain. Result: I may not be able to move.

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Couldn’t we just not have rollover? That would create problems.

I buy a house for 50. Years later it’s worth 100. I want to sell it and move to another house worth 100. But I’d have to pay CHT on the 50 of gain. Result: I may not be able to move.

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So you only actually pay CGT if you downsize or sell-up completely. That means, if the UK abolished the exemption but permitted rollover, revenues would be modest (I’d estimate less than 10% of the £30bn figure)

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So you only actually pay CGT if you downsize or sell-up completely. That means, if the UK abolished the exemption but permitted rollover, revenues would be modest (I’d estimate less than 10% of the £30bn figure)

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For example - you buy a house for 100. You sell it for 150 and buy a new house for 200. You pay no CGT now, but you’re treated as if you bought the new house for 100. Your old gain is “rolled over” into the new house.

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For example - you buy a house for 100. You sell it for 150 and buy a new house for 200. You pay no CGT now, but you’re treated as if you bought the new house for 100. Your old gain is “rolled over” into the new house.

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A few counties charge CGT on homes. The US is the best-known example. But they all allow “roll-over”.

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A few counties charge CGT on homes. The US is the best-known example. But they all allow “roll-over”.

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The CGT exemption for peoples’ homes (“principal private residences”) costs £30bn. But abolishing it would not raise anything like £30bn. Quick thread:

RT @HenryPryor@twitter.com

Whispers in Westminster of removing the Capital Gains Tax exemption for principle residence that could net @hmtreasury@twitter.com £30bn a year.

🐦🔗: https://twitter.com/HenryPryor/status/1588442617196564480

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The CGT exemption for peoples’ homes (“principal private residences”) costs £30bn. But abolishing it would not raise anything like £30bn. Quick thread:

RT @HenryPryor@twitter.com

Whispers in Westminster of removing the Capital Gains Tax exemption for principle residence that could net @hmtreasury@twitter.com £30bn a year.

🐦🔗: https://twitter.com/HenryPryor/status/1588442617196564480

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@gem_abbott they’re a bit annoying because an extra click is required to see the post, and I am exceptionally lazy.

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@gem_abbott they’re a bit annoying because an extra click is required to see the post, and I am exceptionally lazy.

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7. ATED – the obscure tax that nobody was supposed to pay (and why we should raise £200m of tax by increasing it)

https://www. taxpolicy.org.uk/2022/11/04/at ed/

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7. ATED – the obscure tax that nobody was supposed to pay (and why we should raise £200m of tax by increasing it)

https://www. taxpolicy.org.uk/2022/11/04/at ed/

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6. How to raise £1bn by closing a stamp duty “loophole”

https://www. taxpolicy.org.uk/2022/10/25/sd lt_1bn/

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6. How to raise £1bn by closing a stamp duty “loophole”

https://www. taxpolicy.org.uk/2022/10/25/sd lt_1bn/

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5. How to raise £8bn by increasing capital gains tax

https://www. taxpolicy.org.uk/2022/10/14/in crease-cgt/

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5. How to raise £8bn by increasing capital gains tax

https://www. taxpolicy.org.uk/2022/10/14/in crease-cgt/

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4. The many holes in inheritance tax, and how to fix them

https://www. taxpolicy.org.uk/2022/07/27/ih t_hole/

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4. The many holes in inheritance tax, and how to fix them

https://www. taxpolicy.org.uk/2022/07/27/ih t_hole/

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3. The UK's surprisingly high marginal rates of income tax, and how to fix them

https://www. taxpolicy.org.uk/2022/10/04/ma rginal/

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3. The UK's surprisingly high marginal rates of income tax, and how to fix them

https://www. taxpolicy.org.uk/2022/10/04/ma rginal/

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2. The non-dom rules: how to raise £2bn more tax, and make the UK more competitive
https://www. taxpolicy.org.uk/2022/09/27/no n-dom-reform

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2. The non-dom rules: how to raise £2bn more tax, and make the UK more competitive
https://www. taxpolicy.org.uk/2022/09/27/no n-dom-reform

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1. How to design a £30bn windfall tax on the energy sector https://www. taxpolicy.org.uk/2022/09/05/de signingwindfalls/

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1. How to design a £30bn windfall tax on the energy sector https://www. taxpolicy.org.uk/2022/09/05/de signingwindfalls/

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For the three people on Mastodon who are interested, my recent tax policy "blueprints":

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For the three people on Mastodon who are interested, my recent tax policy "blueprints":

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@jomichell can confirm it isn’t.

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@jomichell can confirm it isn’t.