Tricky bear trap

Loan notes are not shares and this can cause problems warns MIKE WARBURTON.

AS TONY BLAIR starts his unprecedented third consecutive term as a Labour Prime Minister so does Gordon Brown start his third term as a Labour Chancellor. He will no doubt earn credit within the party for playing a large part in the election victory. It may seem churlish therefore to point out that he is probably the Chancellor who holds the record for having introduced the greatest volume of tax legislation in UK history not to mention some of the most complex. After all it is a measure of his success as Chancellor that has allowed him to stay in position long enough to achieve this dubious record.
In 1994 while in opposition the Labour Party issued a document 'Tackling Tax Abuses Tackling Unemployment'. It is generally assumed...