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30-12-1899

Brash, Peters reject capital gains tax

The Press

Neither National nor New Zealand First has any plan to introduce a capital gains tax, party leaders have reassured Property Institute members.

Both National Party leader Don Brash and NZ First leader Winston Peters said they opposed such a tax at the institute's annual conference in Wellington.

However, in electioneering speeches, both outlined post- election plans that would affect the property industry.

Brash said that 'fixing' the Resource Management Act was high on National's list of priorities.
'It's a major impediment to road construction, to building power stations, to building wood-processing plants, to doing property development,' he said.

Brash said that a National-led government would introduce major amendments to the act within three months of being elected.

Brash said that the tax system would also be reformed to encourage 'hard work, risk taking and investment'.

Peters outlined New Zealand First's plans to restrict foreign investment.

'Too much of our valuable land and property is in foreign hands,' he said.

'The impact of this almost unfettered foreign access to our markets is self-evident.

'Prices rise, interest rates rise, the dollar rises and when the bubble bursts, as it seems it will soon, everybody suffers.'

He said that affordable family homes were out of the reach of many.

NZ First wanted to help people into their own homes, and to see the introduction of incentives to save and more affordable housing.

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