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Richard,

But you're not 'wasting' £15k that is simply the costs of the transaction that releases the equity.

Like it or not we pay tax to maintain the state and a government which underpins a civilised society [I know, imagine a dyed in the wool Tory nutter like me saying that? mine's a pint cheers.] and if HMG did not raise money via SD then the monies would be required to be raised elsewhere and probably from general taxation.

For most people who are looking at 'downsizing' they will have enjoyed substantial tax free capital appreciation of their home and the transactional costs of releasing that, if reasonable, proportionate and progressive.

Now if you wre going to down size and release £5k equity at a cost of £4k then you'd have a point but for most the transactional costs are I suggest well below 10%.

this report just strikes me as a misguided missle from the usual prolier than thou and cloistered lot at the LSE.