A tax specialist is questioning exemptions in Labour's proposed capital gains tax, saying his clients will shift their investments to dodge the levy.
Labour's policy, announced on Thursday, includes a 15% tax that would apply to profits made on investment property and shares, but would not cover KiwiSaver payouts, the family home, or niche collectables such as antiques.
Wellington tax advisor Brent Gilchrist says it is inconsistent that investments in jewellery would not be covered by the capital gains tax, but owning shares in a jewellery company would.
He says some of his clients would look at ways of escaping the tax.
Business New Zealand says lawyers, accountants and tax advisors would be the only winners from the policy.
