The Tax Working Group has recommended a capital gains tax on investment property, shares, farming and others businesses at the taxpayer's highest income tax rate.
Exemptions would apply to the family home and personal goods such as art and jewellery and vintage cars.
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For large properties, or so-called lifestyle blocks, a CGT would only apply to the profit made on the land and assets beyond 4500sq m and the family home.
The tax would be applied after sale on the gain in value between April 2021 and the sale price.
National Party leader Simon Bridges said the 403,883 figure included about 50,000 farms.
But it did not include those who ran a business from home, or who had flatmates.
"They would also be subjected to a CGT. The multimillion-dollar home in Remuera and Oriental Bay will be protected from a CGT, but the three-bedroom house on two acres in Wyndham in Southland, listed on Trade Me with an asking price of $260k, would be included."
