Friday, July 29, 2011
Who will shout loudest?
"Let's take my own house [which] I bought 16 years ago for Â£160,000. It's in south-east London. It's now worth about Â£1.15m. So I've gained a million pound windfall to which I do not feel entitled, and that windfall, at the moment, is tax-free. Were I to sell [the house], there's no tax on that gain. It may appear very lucky for me, but the reality is when I sell, it will probably be to a younger person who'll be getting a mortgage and spending most of their working life paying off that windfall which went to me. I don't think that's fair"