Consider the following statements:
1. Capital Gains Tax (CGT) is a tax levied on the profit or gain derived from the sale or exchange of a capital asset.
2. Long-term gains on all financial and non-financial assets would attract a tax of 12.5%.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2