41% support Labour’s capital gains tax, 39% oppose

A new poll reveals 2% more support Labour’s Capital Gains Tax policy than oppose it.

The Horizon Research survey finds overall that 41% support the policy, which would direct all revenue to the health system.

39% oppose, while 15% are neutral and 6% are not sure.

Labour says, if elected, it will introduce a targeted capital gains tax on the profit made after 1 July 2027 when a commercial property or residential property (excluding the family home) is sold. The tax rate will be 28%. Around 1 in 10 could pay the tax, which, over time, would raise about $700 million a year.

The family home, farms, KiwiSaver, shares, business assets, inheritances, and personal items will be exempt. 

Survey respondents were told: “Labour says every dollar raised will go straight into the health system, including funding 3 free doctor’s visits a year for everyone with a new Medicard.

“Those opposed to the capital gains tax policy say it will put a handbrake on the economy, impose a new tax on small and large businesses and reduce investor confidence”.

Of the 41% supporting the policy, 21% say they strongly support it.

Among the 39% against it, 25% are strongly opposed.

Views by age group

By age, there is more support than opposition among those aged between 35 and 74 years old.

Support peaks at 50% among those aged 55 to 64. Opposition by age peaks at 54% for those 75 or older.

Large rifts by party vote

Those who voted for Labour, Green and Te Pati Māori at the 2023 general election support the policy. Green voters’ support (88%) is higher than Labour voters (66%).

77% of ACT voters oppose the policy (19% support), 61% of National’s voters oppose (21% support) and 65% of New Zealand First voters oppose (17% support).

Middle income households back the tax

Support is strongest among households with middle to higher incomes. It peaks at 49% among households with incomes of between $100,001 and $150,000.

There is least support among households with incomes between $20,000 a year (33% for, 39% against) and between $50,001 and $70,000 (42% against, 37% for).

Methodology

These results are from an online survey of 1,025 respondents in New Zealand and aged 18 years or over, conducted between November 13 and 19, 2025. 

The total sample is weighted on age, gender, ethnicity, region, personal income and Party Vote 2023 to match the NZ adult population.

The survey has a maximum margin of error of ±3% overall.

The survey was commissioned by Horizon Research as part of its public-interest research programme, to help make sure New Zealanders’ views are heard.