Not much point voting National to avoid Labour’s Capital Gains Tax then?
Property speculators are being warned by Finance Minister Bill English to pay their fair share of tax or they will be hunted down.
Mr English claims there is already one in place, and is contemplating more funding to enforce it.
“That’s a matter that’ll be discussed in the run up to the Budget,” he says. “It is important that people understand there is an existing capital gains tax on those who trade houses and make gains on it.”
Labour supported a more comprehensive capital gains tax going into last year’s election, but no longer does.
“The capital gains tax isn’t the answer to it ‚Äď it’s going to be other stuff that can have an impact right now,” says leader Andrew Little.
“Go after the property speculators ‚Äď the people owning multiple homes, buying house after house after house.”
Mr English says this is what he plans to do.
This is nothing new. ¬†Other than Bill and Andy agreeing on something that is. ¬† People who buy and sell houses for the purpose of generating increased equity have always been required to pay tax on their capital gains. ¬† Read more »