Changes to capital gains tax planned
The government has unveiled a consultation document aimed at introducing substantial reforms to corporate tax legislation in three areas, including the tax treatment of capital gains.
The aim of the consultation document is to create a competitive environment for business that encourages investment, while ensuring a fair tax systems for all businesses.
The proposals focus on three areas of potential reform for large businesses: the tax treatment of capital assets, rationalisation of the schedular system and the differences in the tax treatment of trading and investment companies.
Businesses have been asked to respond to the document by 29 October 2002.