Labour’s farm policies
: ' Sir, — J. F. Garvey’s letter' '(September 2) railing ejagaihst whath? refers.to ; as Labour’s “asset taxation” or * “capital gains tax”' . should properly. be directed against the present Government. I quote from the Inland Revenue Public Information Bulletin, No 106, dated July 1980: “Basically ; the .legal position is that profit is derived .when the sale of land or sale of land and buildings takes place and- any such ■ profit should be returned as income derived .in that year.” Thus, quite plainly, a capital gains tax now exists, and hot at a special rate, but taxed as assessable..income — i.e. at the highest possible rake-off rate. Imagine a pensioner or farmer today selling a property he bought 30 to 40 years ago. The “profit”, i.e. increase in > value, would boost his “income” to the point where up to fully a third or more of the selling price would be taken as tax. — Yours, etc., RON WALTON. Oxford. .•’ ' . September 3, 1980.
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Press, 6 September 1980, Page 14
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159Labour’s farm policies Press, 6 September 1980, Page 14
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