Business

Old landlords vs young renters on CGT

It turns out voters are self-interested, despite lots of talk that many are thinking beyond their own financial situation when it comes to a capital gains tax beyond the family home.

A poll of more than 1000 adults early this month found opposition to a capital gains tax was dominated by superannuitants, farmers and landlords, while supporters are overwhelmingly younger and with fewer assets or no property at all.

The Horizon Poll found 35-44 year olds were the most heavily in favour of a Capital Gains Tax, while those over the age of 75 were the most heavily opposed age group.

Among those surveyed with assets, the largest group that most opposed such a tax were landlords with mortgages, with 74 percent opposed and 24 percent in support. Farmers, which represent a smaller number of those surveyed, opposed a capital gains tax by a rate of nine to one.

Overall, the poll found support for a capital gains tax was 44 percent, while 35 percent were opposed.

Support for the capital gains tax is higher than opposition up to the age of 54, before supporters are overwhelmed by opponents after the age of 55.

The survey was taken between February 27 and March 15 and weighted to represent the New Zealand population.

It found opposition to the tax was highest among those with incomes over $100,000, and among those who were managers and farmers.

However, support for the tax was highest for those who were most educated, while opposition was highest among adults with the lowest education levels. Professionals and senior government officials were the most in support.

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