Property speculators do face a capital gains tax already and a CGT applies to a lot more than just property.
The association representing Kiwi landlords is disappointed the Labour Party is misleading the public about their proposed capital gains tax, which they plan to apply to all asset classes except the family home.
Mr Cunliffe told TVNZ’s Q&A programme it’s ‘lunacy’ that property speculators get tax-free capital gain.
“It is wrong to say that property speculators or traders get tax free capital gains. Those who buy and sell property are already taxed on the income from this activity. Kiwi landlords are not property speculators.” says NZ Property Investorsâ Federation Executive Officer Andrew King. “They are ordinary Kiwis offering a service to people who want somewhere to live, but don’t always want to invest in bricks and mortar”. Â Read more »