Labour’s proposed Capital Gains Tax would apply to more than 400,000 properties around the country because they are greater than 4,500 square metres, Leader of the Opposition Simon Bridges says.
“Figures from Land Information New Zealand show there are 403,883 freehold properties around New Zealand that are greater than 4,500 square metres. About 50,000 of those are farms.
“The Tax Working Group has claimed that the family home will be exempt, except for lifestyle blocks over 4,500 square metres. The reality is, that’s a little over half a rugby field.
“The 403,883 figure doesn’t include those who run a business from home, or who have flatmates, they would also be subjected to a CGT.
“The multi-million dollar home in Remuera and Oriental Bay will be protected from a CGT, but the three bedroom house on two acres in Wyndham in Southland, listed on Trade Me with an asking price of $260k would be included. The owner may be hoping the proceeds will be enough to secure a room in a retirement village.
“Labour claims this is about fairness, but how’s that fair?
“National will fight the Government’s proposed tax grab every step of the way. We will repeal a Capital Gains Tax and we will not introduce any new taxes in our first term.”