28 November 1997

Time to sort out tax

FARMERS have a few more months in which to sort out their inheritance and capital gains affairs, to take advantage of the current benign tax structure.

Accountants had been warning that chancellor, Gordon Brown, might use this weeks pre-Budget statement to signal a clampdown in these two areas, and then backdate them in the spring.

But in the event there was no mention of inheritance tax and only a passing reference to capital gains tax, confirming that the system was being reviewed and changes would be introduced next year.

"It is certain the government will be closing loopholes," said NFU tax expert John Stansfield. But he warned that the treasury would be reluctant to give advance warning of any changes. &#42