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One minute with... Caspar Fox

What are you currently working on?

A good variety of transactional projects mainly involving some international tax structuring. I am involved in a string of real estate investment funds as the real estate sector seems particularly vibrant at the moment. Private equity work is also noticeably picking up.

Comment on a change to UK tax law which you expect to happen.

I have been expecting for years for the quoted Eurobond exemption from withholding tax on interest to be restricted to bonds which are regularly traded on a recognised stock exchange. It has always felt rather artificial to me that bonds could benefit from that exemption even though in reality they will never be traded. I admit that I felt some self-satisfaction when HMRC proposed to restrict the exemption in 2012 – until of course HMRC announced that it was not going to make the change...

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