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- 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 Research – Emerald 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