Te Pāti Māori proposes 5% stamp duty — a tax New Zealand has never had

Te Pāti Māori's "Kiwi tax plan", released ahead of the November election, includes a 5 percent stamp duty on residential property sales. First home buyers purchasing under $1 million would be exempt. The levy, charged to buyers, is used in the UK, Australia and elsewhere but has no precedent in the New Zealand tax system. It is the only entirely new policy in the nine-point package.