Full Of Promise!

'Legislate in haste and repent at leisure' is just one of the lessons Gordon Brown has surely learned during his time as Chancellor. The saga of taper relief is one case in point (mixer companies and IR35 procedures are but two others). I would guess with some certainty that the maxim 'If it ain't broke don't fix it!' has never been uttered in connection with taper relief.

Introduced by the Finance Act 1998 with the object of transforming the impact of capital gains tax on a long term investment the provisions have been amended by both the Finance Acts 1999 and 2000 and we now have before us draft clauses to be included in the Finance Bill 2001. Regrettable though it is that there has been a need for such changes there is no doubt that the Inland Revenue quickly realised that there existed serious...