SBQ - I have no issue with a CGT. I do have issue with a CGT exempting the primary residence. Especially since the primary residence comprises so much of household wealth in NZ. In the NZ context with NZ having no stamp duties and an unsophisticated equities market - I think that it may mean than even more wealthy people would divert more of their wealth into their primary residences. So the approach in overseas jurisdictions may not be appropriate in NZ.