In Budget 2012, a new incentive relief from CGT was introduced for the first 7 years of ownership for properties bought between 7 December 2011 and the end of 2013 (extended to the end of 2014 in Budget 2014), where the property is held for more than 7 years. The relief applies to all property, whether residential or non-residential. The relief does not apply if a property is sold within 7 years of its acquisition. If it is sold more than 7 years after acquisition and a gain is made on the sale, relief will be given for the initial 7-year holding period
Why not reduce to 3yrs as it has served its purpose. Reduce cgt to a level that will encourage transactions.
If they don't, imagine the oversupply in 2019 when investors sell hoping to realise profit tax free and all those developments that get pushed through for this emergency crisis of housing supply.