I should start by saying, I am trying to find out information in good faith and have done a bit of research that was largely unproductive thanks to all the spin and "expert commentary".

My understanding is the new proposal would tax gains adjusted for inflation at 30%. I am also of the understanding that you could claim a 50% discount on this tax if you lived in a property it would apply within a timeframe. I am not sure how it was calculated for other asset classes.

So I guess my questions are, is the above correct? What were the old rules? What are the new rules? What's this 47% equity thing doing the rounds that just sounds incorrect?