With capital gains tax (CGT) being the latest tax to go under the potential reform spotlight, Neil MacGillivray suspects further CGT alternations could lead to even more tax nightmares ...
The Institute for Public Policy Research (IPPR) issued a report in September, Just tax: Reforming the taxation of income from wealth and work, just in time for the start of what turned out to be a much-shortened conference season. Part of the reform proposed by the IPPR included that capital gains should be taxed at the same rates as income, and consideration given to introduce some form of indexation relief in order that gains equivalent to the rate of inflation are not taxed. Got a feeling of déjà vu? Gains were first tied to the rates of income tax more than 30 years ago and that r...
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