diff --git a/Makefile b/Makefile
index b2dfce197a..7eb08a7972 100644
--- a/Makefile
+++ b/Makefile
@@ -113,7 +113,13 @@ DATE := $(shell date +%Y%m%d)
 
 # Compute the full local version string so packages can use it as-is
 # Need to export it, so it can be got from environment in children (eg. mconf)
-export BR2_VERSION_FULL := $(BR2_VERSION)$(shell $(TOPDIR)/support/scripts/setlocalversion)
+
+BR2_LOCALVERSION := $(shell $(TOPDIR)/support/scripts/setlocalversion)
+ifeq ($(BR2_LOCALVERSION),)
+export BR2_VERSION_FULL := $(BR2_VERSION)
+else
+export BR2_VERSION_FULL := $(BR2_LOCALVERSION)
+endif
 
 # List of targets and target patterns for which .config doesn't need to be read in
 noconfig_targets := menuconfig nconfig gconfig xconfig config oldconfig randconfig \
diff --git a/support/scripts/setlocalversion b/support/scripts/setlocalversion
index b39b751f03..e04c955d9e 100755
--- a/support/scripts/setlocalversion
+++ b/support/scripts/setlocalversion
@@ -19,19 +19,14 @@ cd "${1:-.}" || usage
 # Check for git and a git repo.
 if head=`git rev-parse --verify --short HEAD 2>/dev/null`; then
 
-	# If we are at a tagged commit (like "v2.6.30-rc6"), we ignore it,
-	# because this version is defined in the top level Makefile.
-	if [ -z "`git describe --exact-match 2>/dev/null`" ]; then
+	atag="`git describe 2>/dev/null`"
 
-		# If we are past a tagged commit (like "v2.6.30-rc5-302-g72357d5"),
-		# we pretty print it.
-		if atag="`git describe 2>/dev/null`"; then
-			echo "$atag" | awk -F- '{printf("-%05d-%s", $(NF-1),$(NF))}'
-
-		# If we don't have a tag at all we print -g{commitish}.
-		else
-			printf '%s%s' -g $head
-		fi
+	# Show -g<commit> if we have no tag, or just the tag
+	# otherwise.
+	if [ -z "${atag}" ] ; then
+		printf "%s%s" -g ${head}
+	else
+		printf ${atag}
 	fi
 
 	# Is this git on svn?
@@ -60,6 +55,8 @@ if hgid=`HGRCPATH= hg id --id --tags 2>/dev/null`; then
 	if [ -z "$tag" -o "$tag" = tip ]; then
 		id=`printf '%s' "$hgid" | sed 's/[+ ].*//'`
 		printf '%s%s' -hg "$id"
+	else
+		printf ${tag}
 	fi
 
 	# Are there uncommitted changes?