A gun retailer says the Government will owe him a lot of money, as information about the buyback scheme comes to light.
The Government buyback scheme for its gun law reforms will include compensation for high capacity magazines and gun parts, as well as prohibited firearms - but the amount may be capped and may exclude any business losses.
Regulations for the buyback scheme, released today by Police Minister Stuart Nash, include provisions for compensation to be capped for firearms and gun parts, and for a limit on a specific part, for example the maximum number of magazines that a person can be compensated for.
That means a person who surrenders 50 high capacity magazines may not receive compensation for each magazine.
Compensation will also only be considered for firearms and parts that were lawfully obtained, and from people with the appropriate firearms licence "or persons lawfully in possession of prohibited items".
That means that gun dealerships could be included for firearms and gun parts, but further regulations specify that they may miss out for any business losses, including "any economic loss" or "loss for business interruption".
However, Guns NZ CEO Jim, a gun seller and distributor, says he has a million dollars of stock he can no longer sell, and he'll be seeking compensation.
"If they're going to ban it, fine, but they've got to reimburse the individuals and the dealers at fair market value for the stock we hold."
He says his turnover has dropped 80 percent and companies are being squeezed out of the market.
"They're putting businesses out of work. Kiwis that own companies, I know a couple that are closing their doors because they can't function their business now that this ban is coming into effect."
The details of the buyback scheme are yet to be determined, but the regulatory framework is outlined in a supplementary order paper that will be added to the Arms (Prohibited Firearms, Magazines and Parts) Amendment bill.
The bill, which bans military-style semi-automatics (MSSAs), assault rifles and their associated components with some exemptions, will pass its remaining legislative stages in the House today with the support of all parties except for Act.
It will receive its Royal Assent tomorrow and be in force on Friday.