The impact of such a tax would be to hold back the huge climb in residential / urban property prices and so funnel it into something more socially useful
Having the tax miss 99% of the sales that drive that growth kind of misses the point :-(
A British PM imposing capital gains tax on residential property sales would be as popular as a US President setting gasoline taxes at European levels. The economic logic may be sound, but politics is the art of the possible...
Having the tax miss 99% of the sales that drive that growth kind of misses the point :-(