You are required to write 2000 words on the history of Capital Gains Tax within the UK tax system. Please ensure that all references are accessible online and should be a minimum of 10, you should follow the Harvard referencing system.
I have outlined a brief plan of what I would like the essay to be structured as, as well as including points in which I would like to be spoken about within the essay. I want you to follow this structure as strictly as possible.
(i) Brief Introduction of Capital gains tax (CGT)
- Give a definition of what it is
- The current rate
- What type of tax is it (direct / indirect)
(ii) Past, Present (21st Century), Future (Description)
- Who Invented CGT
- Research ancient civilisations (egypt, china, greece, rome, central america)
- Why did CGT come into existence? D
- Changes of CGT rates over time – why did it change, and what effect did the changes have? D
- Give an opinion what you think is likely to happen to CGT given history and the effect that it may have.
- When talking about it be sure to bear in mind that it is respective of the UK tax system, and that the history of it (past/present) should mainly be regards to the UK.
(ii) Variations of tax in different countries, How has it evolved and/or developed (Description, Analysis)
- Which country first introduced CGT? D
- What is the current CGT rate in the UK compared to other countries in EU, America, Asia? Has it changed recently – if YES/NO WHY? D
- Does CGT have different rates in different countries, if so why? A
- Has CGT increased over time, why? A
- The trend of CGT in the UK since it was first implemented.
(iii) Effect of tax on economy over time
- What effect does CGT have on individual and entities’?
- How does it impact the choices individual’s make before taking up an investment?
- Has CGT rates being increased/decreased benefited the government?
- Ways in which this tax was manipulated to promote growth vice versa
- The effect CGT has on the UK’s global competitiveness
(iv) Changes in tax during world events
- Financial crash (2008)
- Europe: WWI, WWII
- America: Wall street crash, Trump presidency, 9/11
- Asia: Japan deflating economy
- UK: BREXIT, different political parties (eg labour v conservatives)