6 July 2011

I believe that there is massive public support for Labour’s proposed Capital Gains Tax, says Sue Henry, Spokesperson for the Housing Lobby. The speculative market has falsely over-inflated property values for years shifting out house buyers and pushing up rents.

There is no benefit to New Zealand when the taxpayer-subsidised capital gain on multiple properties goes off shore, in most cases, with foreign overseas investors. It was disturbing to see advertisements in newspapers from a variety of Asian countries promoting New Zealand

as a ‘gold mine’ from which to make a quick, tax-free profit, with NO stamp duty, NO capital gains, and NO limits on foreign property investment.

It’s about time the party was over for these greedy property speculators. It’s long overdue for the ‘taboo’ to be lifted on this issue. The Housing Lobby fully supports the introduction of a capital gains tax with an exemption on the family home,” concluded Ms Henry.

ENDS

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