ABSTRACT
In the preceding chapters of our Report we have been concerned with taxes which are levied on current flows such as income, expenditure, profits, dividends, etc. We turn in this chapter to a consideration of taxes which are based upon capital funds, the clearest example of which is an annual tax levied on the amount of wealth held by the taxpayer. The distinction between the two types of tax is not, however, as clear-cut as may at first sight appear. The one type of tax often shades into the other.
