High-Value Homeowners Could Face Capital Gains Tax Under Proposed Plans

Recent speculation that the Treasury might introduce a new property tax on homes sold for more than £500,000. Property experts have criticised the latest proposal, warning that if the threshold is set at £1.5 million, owners in London and the South East would be disproportionately affected.

Harps Garcha, director at Slough-based Brooklyns Financial, said the change would encourage more to “become state reliant”.

She said: “The government’s plan will have a massive impact on London and the South East, where many middle-class families have sacrificed themselves for years to build wealth through their homes.

“These homeowners expected to rely on that equity in retirement by downsizing, yet they now face being taxed twice, first through stamp duty and then capital gains.

“Rather than rewarding prudence, this policy punishes those who have worked hard and planned responsibly for their future.”

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