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Capital Gains Tax

Comment 23rd July 2010

The government should provide an on-line calculator for calculating capital gains on shares and unit trusts.

Investors should not have to go back more than, say, twenty years.  They should be able to base capital gains calculations on an asset’s value twenty years previously.

Investors should be given the choice of calculating the actual capital gain or using a simplified approach which assumes a notional capital gain equal to, say, half the sale proceeds.

Saving plan statements should include a record of the total investment to date including any reinvested income.

Why does this matter?

Important because calculating capital gains is very complicated and time consuming, particularly where income has been reinvested or where there have been mergers/demergers or bonus issues/rights issues or where shares/units have been acquired in a large number of small transactions.

Long-term investors may not have a record of purchase dates or prices paid.  Most long-term investors will not have a full record of accumulated dividend income.

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