gains tax I) means that the investor doesn't need to pay taxes until the investment is sold. II) allows the investment to grow at a faster rate. III) means that you might escape the capital gains tax if you live long enough. IV) provides a tax shelter for investors.

I), II), IV)

Explanation:

Deferral has a dictionary meaning of halting things for a while up till a certain future event.

Deferral of capital gains tax means not paying the capital gains tax up till the actual sales is made of investments attracting the capital gains tax.

It further helps the investor to focus on returns rather than the capital gains tax to be attracted and paid, which also allows the investment to grow fully.

It is a form of tax benefit to investors thus, it acts as a shelter.

Further, in no terms deferral of capital gains tax shall mean non payment of tax, as once the investment is sold the tax has to be deposited.