A capital gains tax on the sale of investment property, businesses, shares and farms is a step closer if the interim report of the Tax Working Group leads to firm recommendations next February.
The final recommendations of the independent group, led by a former deputy prime minister and minister of finance Sir Michael Cullen, will then require government decisions, but the interim report falls firmly in favour of broadening the existing narrow range of capital gains taxes to capture profits on the sale of a far wider range of assets than the current regime.