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On the day of the first Budget of the new government, one would be forgiven for likening the air of fearful anticipation with that of long queues outside the shops ahead of Black Friday sales. 

The Chartered Institute of Taxation recently reminded members that tax planning must not breach tax planning standards. Caution may be required to ensure taxpayers are not rushing into action that they had not otherwise had in mind out of fear of potential tax changes, without a proper understanding of the wider risks and implications.  

With so much speculation of tax increases to come, taxpayers may fear that they should do something, anything, ahead of Budget Day. However, sometimes the most appropriate action, having understood the whole picture and seeking appropriate advice, is to do nothing at all.