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Citation

Stopforth D (2005) The Birth of Capital Gains Tax - the Official View. British Tax Review, 2005 (6), pp. 584-608.

Abstract
This paper is an analysis of a detailed document produced in 1966 by the Inland Revenue setting out their perspective on the events leading to the creation of capital gains tax. It is instructive on how the relevant tax policy was made and how political considerations, rather than logic or equity, influenced many decisions. The initiation of policies, their translation into practical, implementable options and the process of decision-making are all examined. The mechanisms for supporting ministers in presenting their policies to those affected are also highlighted, as are the personality clashes between those involved. Not surprisingly, the professionalism of the Revenue in dealing with the whole process is an underlying theme.

Keywords
Capital gains tax; Legal history; Legislation

Journal
British Tax Review: Volume 2005, Issue 6