Quote Originally Posted by skid View Post
.... If captial gains are introduced, then there of course is some other cans of worms--The most level headed approach seems to me to be to value the home at the time the law comes into affect and go from there(and then if the value of your home goes down and you sell,can it be deducted from your normal income ?
The Labour CGT once-was-policy did not allow a loss to be treated as an expense, but required any loss to be carried forward against the property 'account' to be offset against future gains. I think that would have required a separate IRD record for each property. Nightmare?