New property tax policy - how it unfolded

The Government has announced it will introduce a new tax on property capital gains. Review Radio New Zealand's live coverage of the reaction here.

Key points

• The new tax will apply to properties sold within two years of purchase - and will take effect on 1 October.
• It won't apply to the family home, death estates or properties sold as part of a relationship property settlement.
• Unlike the current regime, the new tax will not rely on proving a seller's intent to make a capital gain.
• The Government will also require all non-resident buyers and sellers to provide a tax identification number from their home country - and to have an IRD number and a New Zealand bank account.
• Thursday's Budget will also include $29 million for the IRD to increase its property tax compliance activities.

Prime Minister John Key made the announcement at the National Party's regional conference in Silverstream. Photo: RNZ / Jane Patterson