The days when capital gains are taxed at half (or less) of the rate on income from work should be long gone. This is tax injustice however you look at it.
1) Shares in companies – at least – are lower by the amount already taken in corporation tax on their profits.
2) A higher CGT rate would require an inflation offset. It’s not obvious that this would either raise more revenue nor increase tax bills.
3) Standard economics – Mirrlees got the Nobel for this – tells us that of course we want capital taxation to be at lower rates than income or consumption taxation. Don’t be a damn idiot. But then this is Spud……