Provides a background to capital gains tax by discussing the nature of the tax and the issues it raises. It examines the traditional distinction between gains of an income and of a capital nature and analyses the provisions of the Income Tax Act 1976 which currently tax gains of a capital nature. It scrutinises the capital gains tax regimes adopted in Australia, the United Kingdom and Canada and tackles the issues which must be resolved before such a tax can be introduced in New Zealand. The book is designed to provide a useful insight into the issues which will confront taxpayers and their advisers.