This follows concerns that the current regular pattern restrictions are not working as intended.
Inland Revenue says the rules that tax certain sales of land contain exclusions from tax for people who use that land as their main home, residence or business premises. However, it says these exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises.
The document, Habitual buying and selling of land discusses concerns and proposes possible solutions. Submissions close on 18 October 2019.