Fundamentals of Capital Taxation

Fundamentals of Capital Taxation is the fifth book in the Fundamentals of Taxation series. It completes the series’ coverage of the tax base, after the volumes on (personal and corporate) income taxes and indirect taxes. This volume stands as a comprehensive primer on the legal and policy dimensions of capital taxation, offering readers a clear and accessible entry point into one of the most complex and debated areas of contemporary tax law.

The book opens with a substantive introduction that situates capital taxation within its historical, policy and legal context. It then proceeds to the core chapters, which are dedicated to the main forms of capital taxation: taxes on capital ownership (net wealth taxes, real estate taxes and others), capital transfers (estate, inheritance and gift taxes, financial transaction taxes, stamp duties and real estate transfer taxes), and capital gains. Further chapters explore the treatment of capital in tax treaties and address the issues of capital tax planning and avoidance.

Throughout, the volume underscores the multiplicity and fragmentation of capital taxes across jurisdictions, highlighting the legal, practical and policy challenges that arise from their lack of coordination. It emphasizes the importance of understanding the interplay between different capital taxes and their relationship with income and consumption taxes.

The book is conceived as a guide for students, academics and experienced professionals alike. It aims to provide conceptual clarity for anyone seeking a broad and nuanced understanding of capital taxation and its role in shaping fair and efficient tax systems.