The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has urged the Government to build on its simplification of capital gains tax (CGT) in order to stop penalizing long-term share ownership.
In a submission to the Treasury’s pre-budget report, APCIMS is calling on the Government to move the base date and cost value for securities held prior to 1998 for the computation of CGT. David Bennett, CEO of APCIMS, says: “Changes to the CGT rules to move the base date from 1982 to 1998 would be a major further simplification which would be welcomed by both the industry and investors. “This change would also be relatively small in terms of revenue loss to the Government. Importantly it would show that the Government is not penalising long term share holders but is recognising the impo...
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