View Poll Results: Should there be a Capital Gains Tax on Property
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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Originally Posted by Bjauck
They said they may live in their investment. Will their expressed intent to sell (for the capital gain) result in any gain being taxable, whether they live in the property as owner-occupiers or not? If this is their first property, would that make a difference?
If someone states when buying a house, which they occupy or leave empty in case they occupy it in the future , that they are buying it to live in and also with the subsidiary intention of selling it for the capital gain, is the capital gain on sale taxable as it was an intent when the house was purchased? Would the capital gain only be taxable if it were decided that the main intention of the owner-occupier was to sell for a capital gain?
The IRD decide that on a case-by-case basis. Intent is the deciding factor, and IRD are the judge of intent. They must have a large number of mind-readers on their staff.
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