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RICHARD MANNION calls for a capital gains tax system that recognises long-term investment and provides certainty
KEY POINTS
- Capital gains tax was introduced in 1963.
- Taper relief worked well for business assets.
- The contrast between 18% capital gains tax rate and 50% top income tax rate.
- Taxpayers need certainty from the tax system.
Capital gains tax has enjoyed something of a chequered history since its introduction 45 years ago. At times the rate has been linked to income tax rates while at other times there has been a flat rate.
One constant has been the amount of tinkering that has gone on throughout the 45 years. This indicates the lack of a long-term plan for a tax that impacts particularly on savers and businesses.
Brief history
Before 1963 capital gains were free of tax but during the period 1963 to 1965 short-term capital gains were charged to income...
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