"Whether investors get hit by CGT on 50% or on 100%, they are...

"Whether investors get hit by CGT on 50% or on 100%, they are still having to consider investing a net of tax amount in either of the other JVPs. Investors would require a price that compensates them for that, in part, at least. That's the theory, anyway."

That is the fact as well as the theory. However there is another problem. CGT is for investors. If you get classed as a trader by the tax office then any profit is income not capital gain and is taxed as income. Sometimes that can mean less tax but other times it means a lot more tax.

Tax must be factored into the equation one way or another,whether it is income tax or capital gains tax.