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SOLICITORS FIGHT
the unfortunate effect of putting stil) more power into
the hands of the institutions.
'TAX SNOOPING'
*
A number of English solicitors have decided to defy
the proposed "Snoopers' Charter" in the Finance Bill,
requiring them to inform the Inland Revenue when
a client makes a settlement that could incur Capital
Transfer Tax — the new "gifts tax".
Solicitors in Birmingham. Manchester and Newcastle
upon Tyne are already known to have taken this
stand, and the action could spread.
A Birmingham solicitor said: "If this provision goes
through, a law-abiding client will be treated worse than
a criminal, whose discussions with his lawyer enjoy
absolute confidentiality.
"We heave written to the Law Society asking if
refusal to inform the Inland Revenue would constitute
professional misconduct".
Capital Transfer Tax 'death knell' of PrivaU • Companies
"But it is our intention that we will under no circum-
stances give this information. I know of six to eight
other solicitors, all in different firms, who are taking
this position, and if I set out to canvass support I am
sure 1 could find three or four times that number.
If this iniquitous piece of legislation is passed, I
shall inform the Inland Revenue that they can legislate
as they like, but I will not disclose this information.
The idea that the Revenue can get passed any legis-
lation they like and expert us to conform to it is an
impertinence.
The solicitor said the general public did not seem to
realise that the Capital Transfer Tax was quite literally
the death knell of the private company. "I act for a fair
«lumber of private companies, and I have seen some
<«f thein broken up by Estate Duty.
"To a certain extent that was their own fault for
not taking appropriate measures. But it will be im-
possible to avoid the new tax, or produce the cash to
meet it without selling up.
"If the Treasury now have a policy that no compam-
should remain in the same hands for more than a
generation and a half, or that all companies should be
public companies, they should declare it. The con-
fessions made so far will only benefit the smallest firms:
something worth only £230.000 is a very modest con-
fern indeed.
"I act for one company, worth at least £1 million,
)vhich has been in the same family since it was founded
in 1823 and is extremely dynamic and efficient. Private
fompanies are no less efficient than public ones.
"If the Treasury have this policy, my clients might
as well sell up right away and go abroad. Professional
advisers are likely to advise people not to make settle-
nients any more, but to provide for their children in
fash and die bankrupt.
"The Bill could also mean the end of the private
investor; people are likely to put their money into
insurance jxilicies instead of shares, which would have
Accountants protest
"I don't know whether even the Chancellor realises
the full implications of this Bill. The politicians arc
only the front men used to put through legislation
devised by the Revenue.
Accountants are equally incensed by the require-
ment to tell the Revenue when arranging >ettlemcnt>
for clients. The Institute of Chartered Accountants
has
already protested to the Treasury.
Second Irish Examination
At the examination held on 25th Julv, 1974, the
following candidates passed :
Robert H. D. Agnew, B.A. (Mod.), Henry J. Arigho.
Cornelius D. Brosnan, B.C.L., Eamonn B. Bvrne, B.A.
(Mod.), Mary Cantrell, John R. Carroll, B.C.L., Mar-
garet M. Carter, Therese Clarke, Aidan D. Collins,
B.C.L., Frances Cooke, John G. Dillon-Lectch.
Anthony J. Doherty, M.A., LL.B., Hugh M. I'itzpatrick.
Timothy Bouchier-Hayes, B.C.L., John W. Gay nor.
Margaret M. A. Gleeson, Veronica M. Huggard.
Liam Hipwell, Caroline Keane, Gillian Kiersey, Peter
McLaughlin, Noel Malone, Patrick J. Minogue, Deirdrc
Morris, B.C.L., John T. Mulvihill, Dermot f. Neilan.
C rrol O'Daly, B.A., Adrian P. O'Gorman, B.C.L..
Celine M. O'Meara.
'
Michael T. Quigley, Thomas P. Quinn, Peter J.
Redmond, Graham C. Richards, B.A. (Mod.), D. J.
Rochford, Rosemary A. Ryan, B.C.L., Linda Scales,
William J. J. Smith, Roger Sweetman. Vincent O. G.
Toher, Rosalecn Tvndall, Gerard H. Walsh. Roderick
St. John Walsh, Richard R. Whelehan. B.A., H. Dip
in Ed.
46 candidates attended; 43 candidates passed.
Goodman Lashes
4
Fat, Greedy Lawyers'
'Only
interested in money' — The blessed Arnold
Goodman today hit out at "a tiny minority among his
fellow-members of the legal profession", who, he
claimed, "are only interested in making enormous piles
of money".
Lord Goodman spoke with passion of "hugely
corpulent, heavy-jowled figures sitting in plush offices
off the Strand and terrifying their clients by sending
gigantic bills which bear no relation to the services
rendered."
Lord Goodman is 94 stone.