Aredwood: Be careful what you wish for. As the easiest way of avoiding a capital gains tax is to not sell any houses. In other words people will only sell their houses if they have to. A CGT might actually cause house prices to increase. As less people selling means less houses available, therefore prices rise due to lower supply.
I'm not interested in a CGT to control house prices.
Rather , to equalise the tax burden between those who pay too little tax and those who pay too much tax and to lessen the relevance of how something is taxed when making investment decisions. My main concern with a comprehensive CGT is extra bureaucracy and introduced inefficiency.
But I've gone off topic so no more on this from me!!!
There isn't a single piece of evidence anywhere in the world to back claims that a CGT does anything to control house prices or limit increases.
Does that mean we shouldn't have a CGT? No it doesn't. But selling a house should not be a tax free benefit if you make a profit when most other forms of income are taxable. There is a requirement at present to pay tax on investment properties sold for financial gain if the intent for purchase was for ultimate resale so the benefits of a CGT as well as the current law are questionable.