One minute with Stuart Sinclair, partner at Akin Gump.
You head up the UK tax group at Akin Gump. Tell us a bit about the practice.
Akin is a US-based law firm, which has leading cross-border practices in investment funds and financial restructuring, core areas which are reflected in the London office and tax group. I am lucky to have an excellent team of tax lawyers, and we advise on a wide range of issues affecting investment funds and other financial institutions. Distressed debt and corporate rescue transactions have also kept us very busy in recent times!
If you could make one change to a tax law or practice, what would it be?
My one change would be fewer changes to the UK tax code. Whilst I appreciate the efforts being taken by the legislature to keep advisers in work, the endless reforms and increasing complexity do little to give business the certainty it craves and can detract from the UK as a holding company jurisdiction.
What trends have you noticed in the marketplace?
Three stick out: (1) the government’s focus on the taxation of the UK asset management industry; (2) the shifting sands of international taxation, principally BEPS; and (3) HMRC’s willingness to engage with industry and advisers when forming new legislation. HMRC is often maligned, so credit should be given where it is due, such as its working group, in which I was involved, on improving the loan relationship rules to cater for debt restructuring.
Looking back on your career to date, what key lesson have you learned?
Client service is everything: really understand their business, put yourself in their shoes and be responsive.
What proposed changes to tax law have caught your eye?
The income-based carried interest rules in the latest Finance Bill are a good example of the modern approach to tax legislation. On the plus side, the revisions to the previous draft legislation took account of comments from asset managers, industry bodies and advisers. However, the rules are extremely complex and highly prescriptive – and as a result, they are likely to generate anomalous results in practice.
The consultation on simplification and expansion of the substantial shareholding exemption is welcome. The intricacy of our SSE does not compare favourably with participation exemptions in other jurisdictions and has been one area of difficulty for some overseas businesses looking to establish operations in the UK.
Aside from your immediate colleagues, who in tax do you most admire?
I have been fortunate to work with, and learn from, many extremely talented individuals, but I have to choose my uncle, who runs an accounting firm in my native North West. He taught me the valuable lessons of working hard and enjoying life – and never to laugh at your own jokes.
Finally, you might not know this about me but …
I was a roofer in a previous job. Carrying slates and rolls of roofing felt every day turned out to be good training for lugging about the Yellow and Orange books.
One minute with Stuart Sinclair, partner at Akin Gump.
You head up the UK tax group at Akin Gump. Tell us a bit about the practice.
Akin is a US-based law firm, which has leading cross-border practices in investment funds and financial restructuring, core areas which are reflected in the London office and tax group. I am lucky to have an excellent team of tax lawyers, and we advise on a wide range of issues affecting investment funds and other financial institutions. Distressed debt and corporate rescue transactions have also kept us very busy in recent times!
If you could make one change to a tax law or practice, what would it be?
My one change would be fewer changes to the UK tax code. Whilst I appreciate the efforts being taken by the legislature to keep advisers in work, the endless reforms and increasing complexity do little to give business the certainty it craves and can detract from the UK as a holding company jurisdiction.
What trends have you noticed in the marketplace?
Three stick out: (1) the government’s focus on the taxation of the UK asset management industry; (2) the shifting sands of international taxation, principally BEPS; and (3) HMRC’s willingness to engage with industry and advisers when forming new legislation. HMRC is often maligned, so credit should be given where it is due, such as its working group, in which I was involved, on improving the loan relationship rules to cater for debt restructuring.
Looking back on your career to date, what key lesson have you learned?
Client service is everything: really understand their business, put yourself in their shoes and be responsive.
What proposed changes to tax law have caught your eye?
The income-based carried interest rules in the latest Finance Bill are a good example of the modern approach to tax legislation. On the plus side, the revisions to the previous draft legislation took account of comments from asset managers, industry bodies and advisers. However, the rules are extremely complex and highly prescriptive – and as a result, they are likely to generate anomalous results in practice.
The consultation on simplification and expansion of the substantial shareholding exemption is welcome. The intricacy of our SSE does not compare favourably with participation exemptions in other jurisdictions and has been one area of difficulty for some overseas businesses looking to establish operations in the UK.
Aside from your immediate colleagues, who in tax do you most admire?
I have been fortunate to work with, and learn from, many extremely talented individuals, but I have to choose my uncle, who runs an accounting firm in my native North West. He taught me the valuable lessons of working hard and enjoying life – and never to laugh at your own jokes.
Finally, you might not know this about me but …
I was a roofer in a previous job. Carrying slates and rolls of roofing felt every day turned out to be good training for lugging about the Yellow and Orange books.
