Labour yeah-nahed over whether or not capital gains tax would be due on the family home if it was sold by the beneficiaries of a will, but would which make CGT a death tax by stealth.
It will also be a gift tax by stealth.
Baker & Associates latest AgLetter examines the tax and finds:
Gifting an asset will be considered a CGT event, except in the case of inheritance upon death. The person gifting will be liable for CGT based on the market value of the asset, and this will include farm property.
National removed gift duty because the amount raised didn’t justify the costs.
The major beneficiaries were accountants and lawyers and that would be the case should labour CGT be inflicted on us too.
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