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  ― 438 ―

31. Reservation to Chapter 23: Capital Gains Tax

My reservation to this chapter relates to the Committee's proposal in paragraph 23.58 that a tax on capital gains, when imposed, should be levied by a proportional inclusion method.

This proposal will add unnecessarily to the unavoidable complexities of a tax of this type and in my opinion the flat rate method to which reference is made in paragraphs 23.25, 23.26 and 23.27 is preferable. It would be altogether more simple, even with any modification incorporated to reduce the impact of tax on lower income taxpayers.

K. Wood

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