Conservative Government in Name Only

Mrs May's refusal to rule out capital gains' tax on high-value homes is a
reminder that we have a Conservative government in name only. The
suggested threshold of £5m would merely be a staging post for 
establishing the principle for taxing primary residences.

If the figure were not indexed, over time, the effect of inflation would be
to push more homes over the threshold and make them liable for tax.
In addition, the government of the day could say that the £5m threshold
was not generating enough revenue to cover accelerating public spending
and reduce it accordingly. The knock-on effect such a move on an already
stagnant housing market, job-mobility and the wider economy can only
be imagined.