Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Determining a taxable capital gain or an assessed capital loss: some problems

Determining a taxable capital gain or an assessed capital loss: some problems Despite the South African legislature’s intention to introduce capital gains tax (CGT) as a simple and clear tax, it is an extremely complex tax. Several provisions of both the Eighth Schedule to the Income Tax Act 58 of 1962 and the Act itself have to be taken into account in determining whether a taxable capital gain or an assessed capital loss has arisen during the year of assessment. The application of these principles is often surrounded by uncertainty. Hence, the purpose of this article is not only to provide an overview of some of the different provisions that have to be taken into account and the interaction between them, but also to highlight some of the problems arising from the application of the principles themselves. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Meditari Accountancy Research Emerald Publishing

Determining a taxable capital gain or an assessed capital loss: some problems

Meditari Accountancy Research , Volume 15 (1): 16 – Apr 1, 2007

Loading next page...
 
/lp/emerald-publishing/determining-a-taxable-capital-gain-or-an-assessed-capital-loss-some-Eb0cOWK4RX

References (11)

Publisher
Emerald Publishing
Copyright
Copyright © 2007 Emerald Group Publishing Limited. All rights reserved.
ISSN
1022-2529
DOI
10.1108/10222529200700003
Publisher site
See Article on Publisher Site

Abstract

Despite the South African legislature’s intention to introduce capital gains tax (CGT) as a simple and clear tax, it is an extremely complex tax. Several provisions of both the Eighth Schedule to the Income Tax Act 58 of 1962 and the Act itself have to be taken into account in determining whether a taxable capital gain or an assessed capital loss has arisen during the year of assessment. The application of these principles is often surrounded by uncertainty. Hence, the purpose of this article is not only to provide an overview of some of the different provisions that have to be taken into account and the interaction between them, but also to highlight some of the problems arising from the application of the principles themselves.

Journal

Meditari Accountancy ResearchEmerald Publishing

Published: Apr 1, 2007

Keywords: Assessed capital loss; Interpretation of capital gains tax; Base cost legislation; Capital gain/loss; Capital gains tax; Taxable capital gain ; Net capital gain

There are no references for this article.