Re "the long simmering aversion to having to pay tax on the family home, a concern I hear constantly from very-much not wealthy relatives and friends" - yes. I know someone who struggled for several decades as a homeowner, in the early stages having to get flatmates to cover the mortgage, having to top up the mortgage to pay for repairs …
Re "the long simmering aversion to having to pay tax on the family home, a concern I hear constantly from very-much not wealthy relatives and friends" - yes. I know someone who struggled for several decades as a homeowner, in the early stages having to get flatmates to cover the mortgage, having to top up the mortgage to pay for repairs and facing difficult personal/relationship issues later on. They eventually sold for a good capital gain but it's hard to begrudge them that considering how hard much of their life as a homeowner was.
Re "the long simmering aversion to having to pay tax on the family home, a concern I hear constantly from very-much not wealthy relatives and friends" - yes. I know someone who struggled for several decades as a homeowner, in the early stages having to get flatmates to cover the mortgage, having to top up the mortgage to pay for repairs and facing difficult personal/relationship issues later on. They eventually sold for a good capital gain but it's hard to begrudge them that considering how hard much of their life as a homeowner was.
When you factor in the amount of interest one paid on the mortgage of the family home, do you really have a capital gain or is it a paper one?
It's a complicated issue because our economy is basically a housing market.
I don't think one tax will solve it. It has to be a combination of taxes, incentives and a massive house building programme.