Journal :: The Select Committee on Economic Affairs

Published: October 15, 2004
Author: Graham Dragon
Category: Tax
Permalink: The Select Committee on Economic Affairs

Reading the minutes of some of the committees that eventually effectively determine the law of the land can sometimes shake your confidence in our legislative process.

Back in March this year, the Select Committee on Economic Affairs considered a number of issues which would later find their way into the Finance Act 2004. Here is a sample from the Minutes of that committee on 10th March:


Lord Wakeham: I can see it in the Treasury today, some bright young man is asked to write?because what you are saying is the right answer?the speech for the Minister or the Chancellor explaining why it is now expedient to put Corporation Tax back to where it was last time. You have to think of some good arguments. I am sure there will be some good arguments produced to do it, but that would be a test for somebody.

Chairman: I used to be a bright young man but I cannot think of any.

Mr Haskew: We would prefer you to turn your attention to taxation of pre-owned assets.

Q58 Chairman: What?

Mr Haskew: Pre-owned assets.

Q59 Chairman: Don't forget, you are talking to idiots here! I have not the faintest idea what you just said.?

No wonder we have now ended up with an almost totally unworkable set of tax rules!

Trying to keep up with those tax rules can be quite a nightmare. Especially when our elected and non-elected representatives exercise their intelligence trying to think of good reasons for enacting the absurd rather than using that intelligence to figure out that maybe the absurd should not be enacted in the first place! And when they have not even heard of some major upcoming pieces of tax legislation that desperately need tidying up or perhaps ejecting entirely.

If you would like to keep abreast of tax legislation as it impacts on the financial advice you give your clients, why not attend one of our technical days? These are especially tailored to your needs as a financial adviser and aim to give you ideas you can immediately turn into sales and increased profit. You will find full details of our technical training here.

If you intend attending a number of these days you should consider joining the Technical Academy. Telephone today on 023 8089 2222 and ask to speak to a member of our sales team to find out how you could benefit from Academy membership.

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About Graham Dragon

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