To The Times
Contrary to the impression given by the Prime Minister and Chancellor, the vast majority of elderly people who now live in “ordinary houses” valued at more than £1m will owe that wealth less to mortgage payments from their “hard-earned” after-tax income, than to the relentless inflation in house prices over the past 40 years.
Many of us, even outside London, have seen our house values increase more than a hundredfold over that period – due not to our efforts but to the unearned effects of house-price inflation coupled with the failure to build enough houses.

As such, it seems entirely fair for society at large, especially the less-fortunate younger generation, to have a share in that appreciation through increased tax revenues to reduce the deficit – either through inheritance tax or by taxing at least some of the capital gains on the sale of high-value houses.

The Government’s current proposal seems to benefit disproportionately the children of the already comfortably off and does nothing to help the majority.
Peter MacKay, Kincraig, Inverness-shire

Amen to that!