Too dear, prudence

LET'S FACE IT this Pre-Budget Report wasn't really about the details of the tax system. The main focus for commentators in the press and on television was whether the Chancellor's figures for receipts and spending actually stacked up.

The consensus seems to be that the Chancellor might still meet his fiscal rules but that his anticipated £8 billion margin is very tight. Prudence it seems has been unceremoniously dumped as too high-maintenance in the run-up to an election.

However from a tax practitioner's point of view the documents accompanying the report do seem to provide the framework for a sensible discussion between the profession and the Treasury on technical issues.

On matters where it is proposed that legislation will be introduced in the 2005 Finance Bill there are generally detailed proposals or draft legislation; where documents are issued for discussion it seems that...