It isn't profit at all. It's closer to capital growth and can't be realised until crystallised on sale of the house. But the rise in equity would be needed to contribute to the rise in equity on the next home or the bigger home for a larger family. If their own rise is slashed by a tax on the...
Taxing primary house sales would just kill the housing market dead. Owners would never be able to afford to move and would extend instead. First time buyer houses would never come back to the market, all to support the politics of envy.
I lost my job 18m ago and Mrs Earle had a significant operation on the NHS a few weeks ago. I imagine I'm a working class conservative and those two events caused no issues. What's working class anyway (calling Jolly Red Giant). A refuse collector, a train driver, a teacher, bank staff, shop...