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Ann O’Connell

This chapter examines the tax treatment of capital gains in Australia. It explains the history of the Australian capital gains tax, its basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; Australia; tax system design

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David G. Duff

This chapter examines the tax treatment of capital gains in Canada. It explains the history of the Canadian capital gains tax, its basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; Canada; tax system design

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Capital Gains Taxation

A Comparative Analysis of Key Issues

Edited by Michael Littlewood and Craig Elliffe

Capital gains taxes pose a host of technical and political design problems and yet, while the literature on the theory of capital gains taxation is substantial, little has been published on how governments have addressed these dilemmas. Written by a team of distinguished international experts, Capital Gains Taxation addresses the gap in the literature; it explains how a number of countries tax capital gains and the successes and pitfalls of these methods.
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Michael Littlewood

This chapter surveys the key issues in the design of capital gains taxes (whether the tax should be a separate tax or part of the income tax; whether it should be based on realisation or accrual; the territorial scope of the tax; the tax consequences of death and emigration; exemptions and preferences; and so on) by reference to the tax systems examined more closely in the other chapters of this book, namely those of Australia, Canada, China, India, the Netherlands, New Zealand, South Africa, the UK and the US. Keywords: taxation; capital gains tax; comparative; tax reform

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Yan Xu

This chapter examines the tax treatment of capital gains in China. It explains the history of the Chinese tax treatment of capital gains, the system’s basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; China; tax system design

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David White

This chapter addresses the influence of economic theory (specifically the comprehensive income tax concept and optimal tax theory) on proposals to reform personal capital gains taxation in six countries, namely South Africa, Italy, the Netherlands, New Zealand, Australia and the United Kingdom. Keywords: capital gains tax; economic theory; comprehensive income concept; optimal tax theory

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DP Sengupta

This chapter examines the tax treatment of capital gains in India. It explains the history of the Indian capital gains tax, its basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; India; tax system design

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Craig Elliffe

This chapter examines two broad areas of capital gains tax (CGT) design in respect of the taxation of non-residents. The first area relates to the domestic design of the tax and focuses on whether a CGT should apply comprehensively to all assets held by non-residents, or alternatively, to some limited subset of those assets. Is there any justification for limiting the scope of CGT to only certain types of assets when such assets are held by non-residents as opposed to residents? The second area is how double tax agreements (DTAs) interact with, or change, domestic CGT taxing rights. This area is intricately connected with the first area because the role of a DTA is to limit the taxing rights of contracting states primarily to avoid or reduce double taxation. Keywords: capital gains tax; non-residents taxation; double tax agreements; international tax system design

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Eric CCM Kemmeren

This chapter examines the tax treatment of capital gains in the Netherlands. It explains the history of the Netherlands capital gains tax, its basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; Netherlands; tax system design

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Shelley Griffiths

This chapter examines the tax treatment of capital gains in New Zealand. It explains the history of the New Zealand tax treatment of capital gains, the system’s basic design (relationship to income tax, the scope of the tax, the tax treatment of different asset classes, the rates of tax, losses, and so on), how particular problems have been addressed (family homes, avoidance, and so on), and the lessons that might be learned from it. Keywords: capital gains tax; New Zealand; tax system design