Capital Taxation: Law and Practice

Taxation of capital is older than the taxation of income. While the income of a fiscal year is often seen as an increase in wealth, capital taxation has sparked more controversy than other types of tax. Meagre revenue yields, the subjective base of the levy, unpredictability of the event of taxation are a few reasons for its repeated repeal and reintroduction. This is in addition to the traditional concerns of tax avoidance and a plethora of exemptions that are more pronounced in capital taxation. Nevertheless, several countries have capital taxation currently in force.

This book is divided into two parts, Part A deals with the genres of capital taxation, their salient features, the history and evolution of wealth transfer tax, and the design principles; and Part B covers capital taxation regimes in some of the other countries. Policymakers, academicians, tax practitioners, and high net worth individuals are sure to find the book handy.

Foreword by Azim Premji
Foreword by Marylou Bilawala
Preface
Acknowledgements
About the Author

Part A Capital Taxation: Components, Design and History
1-Wealth Taxation
2-Maxims of Wealth Taxation
3-Capital Gains Tax
4-Income Tax on Property Received
5-Gift Tax
6-Inter-generational Wealth Transfers and Inheritance Tax
7-History of Wealth Transfer Tax
8-Legislative Power of Wealth Transfer Tax
9-Estate Duty vs Inheritance Tax
10-Wealth Transfer Tax
11-Design of Wealth Transfer Tax
12-Net Wealth Tax

Part B Country Practices on Inheritance Tax
Introduction
1-Belgium
2-Denmark
3-France
4-Germany
5-Ireland
6-Italy
7-Japan
8-Netherlands
9-Philippines
10-Switzerland
11-United Kingdom
12-United States of America
Conclusion