It’s nothing like a capital gains tax; they are totally ineffectual at halting speculation as we have seen overseas. This is an annual levy (like rates) and what it’s doing is making income tax fair. Without it, one section of society – the property owners – win at the expense of everyone else.
In the US it’s called the Trump Loophole, here we could call it the Bob Jones Loophole – after all he’s the guy that paved the way for Douglas and Richardson & of course wrote a book on how property prices are a free ride to riches so let’s all gear up big time.
Now look where we are – retiring baby boomers still loading up with debt at their age, to make themselves rich. They can’t all
sell at once.