Change, Change and more Change

Normally I embrace change but at the moment it 's a case of too much of a good thing.
How on earth are Tax Lawyers and Accountants supposed to advise their Clients-the CGT rules/legislation are in a permanent state of flux and inevitably they are going to be tinkered with between now and publication of next year's Finance Act - as and when and how Alistair Darling sees fit.

The Pre Budget Statement as far as I am concerned just provides the Government with a sounding board-they float a few ideas/draft measures-see how the public and more specifically the various lobbies respond and then decide what degree of unpopularity they are prepared to countenance and then legislate accordingly.

I am not a political animal-I just like to know what the rules of the game are!!
I suspect I sound like a grumpy old woman but I thought government and legislation was intended to provide certainty-this sort of approach does not instil confidence in the business community.

Still onwards and upwards-I am presenting with professional colleagues in Harrogate tomorrow -talking to members of the farming community on "Planning For Succession" and the need for it-if I am asked by farmers looking to retire whether they go for it now or after April when the proposed CGT revised legislation will be implemented what do I say? They might be better off dying in harness/with their boots on so to speak-ie not retiring and staying involved in the business-but then that might solve CGT issues but generate IHT problems
I wish my crystal ball was a bit bigger and better -and clearer!!

We soldier on

The Magpie Pre Budget Report

Oh what a day!!

Comparing notes this afternoon it transpired that a colleague and I were both awake at 5am today thinking about IHT and CGT-how sad is that?

At a Tax Club Meeting first thing -8am not 5.30 am!!- we tax lawyers and accountants present decided there was still plenty of work for us-still plenty of "life in the old dog" ie advisory mileage in relation to IHT and CGT

I then walked in to the office to be met by the "doom and gloom" merchants in my department -pessimism is a necesssary trait for Wills Probate and Tax Lawyers (you know-the only 2 certainties in life ?..death and taxes). Equally I hate negativity!!

"No" I protested "there is still loads of mileage in Nil Rate Band Discretionary Will Trusts!"
I am massively upbeat about the new opportunities facing us Tax Planners-everyone thinks I'm "on" something and want to know what it was- the truth?-no not wacky baccy -just positive thinking-as one door closes etc etc...

So to convince everyone/put my money etc etc I have spent more or less the whole day poring over the HMRC bumph and writing and circulating an Alert.

Were the Parliamentary Draftsmen really burning the midnight oil writing the new Schedule to the Finance Bill covering transferability of the Nil Rate Band on the back of the Tory Conferance commitment to a nil rate band of £1000000 ?....and on the basis that the Government had to do SOMETHING?

I don't really think so-we had been warned by "them in the know" that Gordon had something in his arsenal before he left his previous life.

So tomorrow..another day another challenge!!

Old files are going to have to be dusted down-if they have been kept that is!!

Life don't get any easier!!

And there are still the Realignment of Trusts issues to sort before 6th April!!

Oh and CGT...

Real work to do now..files to read,letters to dictate..

PS: Client Alert on the Latimer Hinks website-any problems shout!