ABSTRACT
Short-term Capital Gains Tax was introduced by the Finance Act 1962 and amended by the Finance Act 1965. The Finance Act 1971 abolished short-term capital gains, and all capital gains are now dealt with under the long-term capital gains provisions of the Finance Act 1965 and subsequent legislation, principally including the Capital Gains Tax Act 1979 (CGTA 1979). The base year was changed from 1965 to 1982 by the Finance Act 1988.
