PHOTO: SUPPLIED – Auckland landlord Peter Lewis says he doesn’t worry about capital gains.

Property investors are welcoming news that a capital gains tax is looking increasingly unlikely, but say it probably wouldn’t have affected them much anyway.

The Tax Working Group, which is developing a report for the government on the potential future direction of tax policies, is understood to have stopped short of recommending a broad-based capital gains tax.

The working group chaired by Sir Michael Cullen was tasked with designing a capital gains tax for consideration by the Government, but is believed to have pushed back any firm recommendation until it publishes its final report in February.

Andrew King, executive officer of the NZ Property Investors Federation, said he was “surprised but delighted”.

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