Fed-up farmers

We are a three partner practice which focuses on mainly agricultural clients. We have a number of concerns about the income shifting proposals especially as most of our clients are family partnerships.

The whole proposal appears to be a revenue raising strategy rather than a mechanism to equalise tax.

Using time spent as a measuring tool is very crude and fails to reflect numerous other factors that are common amongst our client base which also affect the profit share.

Many of our clients have a lot of capital/assets and the proposals don't appear to take any account of this.

Farming is a case in point where the income often provides a very low rate of return on capital; therefore after deducting a return on capital there would be little or nothing left for one's effort.

Spouses or the older generation may have provided a lot of the capital/assets but don't...