Capital gains tax on assets 'fairer'

The Tax Working Group, which was set up to provide the Government with guidance on the future of the New Zealand tax system, has provided its final report.

It proposed implementing a tax on capital gains from investments including all land and buildings except the family home, business assets, intangible property, and shares.

Three members of the group had argued that it should only apply to residential property investment.

The tax would be applied at the taxpayer's marginal tax rate. Gains would be calculated from the day the tax policy was introduced.