ABSTRACT
Taxation is a branch of political economy in which practical suggestions almost inevitably involve value judgments. What do we mean by a wealth tax? A learned judge in a famous judgment once defined an income tax as a tax on income; similarly a wealth tax is a tax on wealth; more usefully, it is a tax levied on the capital value of wealth which may or may not be paid out of wealth. By taxes on personal wealth we mean, then, taxes which are levied on the capital value of personal net assets of all kinds; unless specifically exempted, the assets subject to tax thus include stocks and shares, quoted and unquoted. Some clarification on the terminology of death taxation is necessary. We use the term 'death taxes' or 'death duties' to apply to any taxes levied on the transfer of properties as result of a death.
