As we move inexorably towards the vote in the EU referendum, no doubt all tax practitioners will be focusing hard on the tax issues. The first issue concerns the value of sterling. Economists expect that if there is a remain vote, sterling is likely to rise, recovering its depreciation over the campaign. If the vote is to leave a big drop in the currency is anticipated.

Tax advisers will no doubt want to be sure that tax relief is available for any realised currency losses – and that trapped losses do not arise, or that a loss is not affected by the new loss relief restrictions starting from 1 April 2017.

If there is a leave vote, the UK won’t leave the EU immediately. The European treaties provide for a two-year period to negotiate the terms of exit. No one will immediately know the terms of a continuing relationship with the EU – but one possibility is that the directives which offer direct tax benefits might then have just a two-year life.

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