Is it "celebrated" or just "recognised"
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[QUOTE=minimoke;702092]Easily sorted with a policy that looks at the capital value relative to other properties in the area. If it's exceeded by a big percentage and the costs to get there weren't large, then maybe there would be a cutoff on the family home. Maybe. But in most cases, the expenses to keep a family home tidy or to improve it, plus pay the interest, exceed or make up a large proportion the capital return. Why do rentiers buy basic low-maintenance homes or block flats? Low overheads, and then they claim back the interest costs. So it's not the same situation at all.
So to be fair, a CGT must exclude the family home in almost all cases.
True but they are broadly relative and there is an objection process. The family home has been excluded from the Tax Working Group, as we know, but what other assets will be excluded from the WG's recommendations.
The Labour Party fell foul of this at the 2011 and 2014 elections, as they scrambled to add exceptions in response to public feedback. Rules around how the family home was to be defined. The bach. The family business under some circumstances. Not sure we ever found out how assets in trusts were to be dealt with.
And many other assets that are usually the province of the well off were excluded - art, jewellery, boats, classic cars ....
Labour canned it as policy - an election loser. Good chance it will be back in in 2020. Learning from history?