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flag New Zealand PM Christopher Luxon sold a property, avoiding capital gains tax due to a loophole.

flag 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. flag The property, bought for $620,500 in 2015, was recently sold for around $905,000, marking a 45% gain. flag If the bright-line test had applied, Luxon could have faced a 39% tax rate on the gain.

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