James Kirby

And when you sell your stake...

particularly if you hold it in your own name, you get hit for CGT and it's probably going to be something like 47%.

So I expect it would be very bad for startups.

What do you think, Fasti?

Can I ask you, if they change CGT only on property, and this is where your years at institutional investment, I think, would be very relevant.

If I hear that CGT discount is gone from property, but it's still available everywhere else on shares, on REITs, for instance, on property trusts, surely it would create all sorts of distortions.

Yeah.

What sort of challenge would it be?

Administrative challenge.

Absolutely.

Yes, I expect so.

Yeah.

Yes.

And if they only do residential property, wouldn't there be distortions even inside some REITs where they...

So do you think they kind of, if they do it, they have to put it on all asset classes?

Do you think they have to?

Well, best of luck with that.

All right.

The final question is Andrew, who says, I'm currently doing a renovation on an investment property.

It's a great way to add value, but with potential changes to capital gains, could this become less desirable?