The Labour Party has officially let go of the controversial capital gains tax, which it campaigned on in the last two elections.

Delegates at the Labour Party’s annual conference over the weekend approved the elimination of the proposed tax from the Party’s policy platform.

Labour Party leader Andrew Little told media that the Party would not campaign on a capital gains tax in the 2017 election.

Nor would a Labour government introduce a capital gains tax in its first term, should it win in 2017.

Little did not rule out a return to the policy in future.

However, he did say the party would campaign on the policy in a future election before introducing it.

“We won’t introduce any change that significant to the tax system, any material change to the tax system, without going to the people first and getting a mandate to do so.”

The prospect of a capital gains tax is considered unpopular and has cost Labour support in recent years.

There was no further detail of any tax policies announced at the conference.

But the party’s Finance spokesperson Grant Robertson told Q&A that “we believe there is the scope in a fairer tax system for those who earn the most to pay a little bit more”.

Meanwhile, the National government’s “bright line tax”, which some have suggested could be the first step towards a capital gain tax, continues to make its way through Parliament.