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Issue:
4266
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Categories:
Comment & Analysis
, Black Nominees Ltd
, Budget 2010
, Business Income Manual
, GAAR
, ITA 2007
, Admin
MARK MCLAUGHLIN looks at two income tax anti-avoidance rules potentially affecting receipts of capital
KEY POINTS
- Turning income into capital ITA 2007 s 773.
- Care needed with sales of occupation income ITA 2007 s 774.
- Anti-avoidance provisions are widely drawn.
- Selling a right to future income Black Nominees Ltd.
- Would a GAAR offer more certainty?
The introduction of a higher capital gains tax rate of 28% in respect of gains accruing from 23 June 2010 has gone some way to bridging the gap between capital gains tax rates and the 50% top rate of income tax for individuals.
However this 10% increase in capital gains tax for higher rate taxpayers fell some way short of many commentators’ predictions and means that there is still a potentially considerable incentive to...
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