I was quite taken aback recently when the underlying assumption for a statement, so often made in tax circles (and in uncountable advisory opinions!), that its veracity had come to be taken for granted, was questioned. A colleague had been asked whether in view of section 32 CGTA (Capital Gains Tax Act. Cap C1, LFN 2004) and the wording of section 30 CGTA, stocks and shares are really exempt from CGT. Almost as a reflex action, I answered that they were, but the views of the enquirer that my colleague reported, gave me pause. After a quick check, I affirmed that section 30 CGTA does indeed exempt private sector stocks and shares. In concluding with my affirmation; I stated: “I will look at this more (especially the legislative sequence), next week.''
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