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Capital gains tax is back on New Zealand’s political agenda. Labour has promised to introduce a targeted capital gains tax if elected in 2026, while National has pledged that it will not introduce one. The debate has already produced the usual combination of tax jargon, frightening hypotheticals and arguments about whether landlords are hardworking investors or property-hoarding parasites. Before deciding who is right, it helps to understand what is actually being proposed.

Milla Brown The greying street held a plethora of people. All hurrying, all with places to be, all ignoring what was before them. With heads bent and umbrellas hovering above them, they moved with a careless abandon. Splashing water in their wake as they waded through the fast forming puddles. The water was a disease. A contamination. Something not to be touched or endured for longer than necessary. It told them to run and do it quickly. It told them to get out of the horrid