SCHEDULES

SCHEDULE 2Capital gains tax reform

Abolition of taper relief

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1

Section 86A (attribution of gains to settlor in section 10A cases) is amended as follows.

2

In subsection (2)—

a

for “the tapered section 86(1)(e) amount” substitute “ the amount falling within section 86(1)(e) ”, and

b

for “the tapered section 86(1)(e) amounts” substitute “ the amounts falling within section 86(1)(e) ”.

3

Omit subsection (2A).

4

Omit subsection (2B).

5

In subsection (7), for “the tapered section 10A amount” substitute “ the amount (or aggregate amount) falling in accordance with that section to be so attributed ”.

6

Omit subsection (7A).