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New Zealand PM Christopher Luxon sold a property, avoiding capital gains tax due to a loophole.
New Zealand Prime Minister Christopher Luxon sold an investment property, likely avoiding capital gains tax due to the purchase date being before the introduction of the bright-line test in 2015.
The property, bought for $620,500 in 2015, was recently sold for around $905,000, marking a 45% gain.
If the bright-line test had applied, Luxon could have faced a 39% tax rate on the gain.
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El primer ministro de Nueva Zelanda, Christopher Luxon, vendió una propiedad, evitando el impuesto sobre las ganancias de capital debido a una laguna legal.