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An anonymous letter suggesting a radical change to the taxation of property. Would this be a vote winner or loser?
I received an anonymous letter at the Taxation office last week. It was not I am glad to say a death threat or a rant about our coverage of Making Tax Digital. In fact and coincidental to this week’s comment article by Kevin Slevin it was a proposal for tax reform. The author who described himself as ‘someone who wants to make the tax system fairer’ said that he was writing anonymously because what he proposed ‘might well be unpopular with many people’.
Windfall gains
So what was this outrageous suggestion? I quote directly from the letter
‘I wonder whether there would be merit in considering reforming the only or main residence exemption. This currently exempts completely any capital gains made by an individual selling their home.
‘I completely understand the rationale behind this policy which has been around for a long time....
