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"Preface" [2017] ELECD 1060; in Littlewood, Michael; Elliffe, Craig (eds), "Capital Gains Taxation" (Edward Elgar Publishing, 2017) xiv

Book Title: Capital Gains Taxation

Editor(s): Littlewood, Michael; Elliffe, Craig

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781784716011

Section Title: Preface

Number of pages: 4

Extract:

Preface
The theoretical case for comprehensive taxation of capital gains has
always been contentious, even when there was wider support for the
`comprehensive tax base' as the goal of income tax reform in the 1950s
and 1960s. Not only those who support capital gains taxes but also those
who oppose them have inevitably been drawn into debating the serious
design dilemmas such taxes present. Today, there is still very little
agreement as to how these should best be resolved. Different countries
have attempted to address them in different ways, but the literature on
which of these responses might be best is sketchy and in some respects
out of date. This book is aimed at making a contribution to filling that
gap in the literature. We are extremely gratified to have been able to
assemble a team of experts from around the world to take part in this
venture.
The basic idea of capital gains taxes is, of course, to tax capital gains,
and the basic scope of the tax is as indicated by its name. Most
importantly, tax is generally charged on gains made on sales of invest-
ment property and shares in listed companies. But capital gains taxes
typically extend also to gains made on the disposal of other sorts of
property--for example, unlisted shares, securities other than shares,
unincorporated businesses and collectable chattels. Such gains are typic-
ally chargeable to income tax in some circumstances--in particular,
where the taxpayer is engaged in a business of dealing ...