I note that the Institute of Chartered Accountants in Scotland has been yelling like mad about there being less than 90 days consultation period on the new capital gains tax rules.
Funny how I haven't heard the same clamour about the consultation that the Financial Reporting Council announced on 31 January when they said:
The POB published drafts of three sets of regulations on 31 January 2008 inviting comments by 21 March 2008. The final version of these regulations will take effect from 6 April 2008.
Draft Statutory Auditors (Transparency) Instrument 2008
Draft Statutory Auditors (Registration) Instrument 2008
Draft Statutory Auditors (Examinations ) Instrument 2008
All pretty fundamental stuff for audit firms, and the reality is that they will have almost no time to put the requirements of these regulations into effect before 6 April 2008. And yet this, apparently is OK.
So too are the CGT changes: it's just that the professional institues see it as their job to undermine the tax system. How did we get to this sorry position?