Ever wondered why?
A story as old as New Zealand politics, capital gains tax a near death experience in New Zealand. A New Zealand that desires so much to show the world how to do things properly, gst and no exceptions, have a care for the WTO rules, be an exemplary international citizen to the detriment of local interests even. But when it comes to a blanced tax, when it comes to doing something every other jurisdiction does CGT just gets too hard.
Only when you understand that whilst only 5% of the population at large have second properties close to 60% of our MPs hold more than the family home. Does that answer the question.
I was at a meeting recently and some there commented he had heard a comment that a change might be desirable but it would never happen, as it would influence that individuals tax paid. Wishful thinking, maybe, but the individual was high up in the IRD. I do not know what the incidence of second house ownership is in the top levels of the civil service but I suspect it is much higher than the 5% in the general population.
Maybe someone can correct me?
