September 10, 2021
Tax partner Aron Joy was profiled in the latest edition as part of the “One Minute With…” series published by Tax Journal.
Aron’s primary focus is on tax for investment funds and investment managers, and he commented on the breadth of matters he is privileged to be working on. These range from “several very large new fundraisings and subsequent closings for private fund managers, including a fund whose strategy will be to invest globally in impactful decarbonisation and carbon removal projects, to assisting several new managers establish their businesses and raise their first funds.”
When asked to name one of the most valuable things he learned at the start of his career, Aron responded: “As a second seat tax trainee, I saw first-hand the value of having a ‘door always open’ policy and making time for others, no matter how busy. Making time for colleagues and helping them develop benefits everyone, and it makes for a very healthy environment.”
Aron cited some of the tax issues that his clients have been raising recently, among them the U.K. anti-hybrids rules, “which continue to be a fairly significant theme on fundraisings and deals, although the most recent changes in Finance Act 2021 have certainly helped.” However, he added, “issues still crop up; for example, the new de minimis rule works better for master-feeder structures than for parallel partnership structures if there is no CIS aggregator partnership underneath.“
In addition, Aron discussed what he sees as amongst the most interesting new developments in U.K. tax law, including the “government’s proposal to introduce a new and advantaged tax regime for U.K. asset-holding companies for investment funds, and the proposed changes to the U.K. REIT regime and what their practical implications might be.”