April 27, 2020
Tax partner Jenny Doak was profiled in the latest edition as part of the “One Minute With…” series published by Tax Journal.
When asked what the best piece of advice she has received is, Jenny noted “People worry about the risk of taking an action but often discount the risk of not acting.” She lamented that being decisive is also important, and was quoted to advise others: “Don’t ‘sit on the fence.’”
Jenny also noted the change in clients’ approach to tax risks in recent year, citing the trend towards exploring insurance as a method of offloading risk. She also mentioned that with respect to certain “grey areas” clients “may consider seeking clearance from HMRC” in addition to counsel from their advisers.
Additionally, Jenny discussed what she thinks will be the most interesting developments in the markets for 2020: “Coronavirus aside, one item which caught my attention in the Budget was the review of the UK funds regime, including the consultation on ‘asset holding companies’. The consultation strikes a markedly different tone than we have become used to, indicating a real willingness to remove barriers to establishing asset holding companies in the UK”