PHOTO: KATIE BRANNAN/STUFF – Capital gains from the sale of baches and holiday homes could be taxed at the rate of 33 per cent.

The Government could raise billions of dollars by taxing more profits from the sale of property and shares.

Its Tax Working Group explained how such a tax could work in an interim report published last week, but stopped short of making a recommendation.

What sort of things might be newly taxed?

Probably profits from the sale of land, shares, investment property, baches, businesses and intellectual property, and possibly almost any other assets that could appreciate in value and that don’t fall under the existing tax net.

But new taxes would only apply to assets bought after the tax came in, which wouldn’t be until 2021 at the earliest.

Profits from property, shares and other assets that people already own now would not be taxed – unless they should be taxed under the existing rules.


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