Capital gains tax only came into effect on 6 April 1974. Any gain before 6 April 1974 must be disregarded and assets must be revalued to that date.
SECTION 31.
Question proposed: "That section 31 stand part of the Bill."
The Minister explained why 1974 is written in stone.
It would not be fair to tax personal gains up to that date because capital gains tax only came into effect on that date.
Question put and agreed to.