No plans for capital gains tax on Island

The tax assessor was aware of misleading information in recent post budget articles, and wanted to make it clear that no charge to shareholders income tax will arise, when capital gains made by a company are distributed.

Minister Teare said it had come to his attention that unacceptable tax planning was being contemplated and he had to take steps to ensure that tax due on income not capital gains was paid.

He said the introduction of a form of capital gains tax couldnt have been further from his mind.