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In a media release issued on 31 October 2008, the Assistant Treasurer, Chris Bowen, announced that the Government will remove the CGT trust cloning exception to CGT events E1 and E2: see 2008 TAXVINE No 44 (7 November 2008). To facilitate the initial consultation process, Treasury has released a Discussion Paper. The closing date for submissions on the Discussion Paper is Wednesday 3 December 2008. The amendments will apply to CGT events happening after 31 October 2008.

For a copy of the Treasury Discussion Paper, go here.

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