Latest word on capital gains tax

We often are asked by clients about the possibility of the Government introducing a capital gains tax (e.g. taxing the sale of the family home or farm).

So it is a little surprising, with all the recent talk about attempts to cool off the Auckland property market, that no Member of Parliament has mentioned introducing a capital gains tax.

Although the last budget did include the following statement;

"The Government considered and rejected, other potential tax changes such as a land tax and a capital gains tax.  The Government is comfortable with the broad structure of the tax system and has no plans for further major reforms in the near term." Source Budget 2013.

Watch this space......... at some point soon, captial gains tax will be put back on the agenda irrespective of the Party in power.