One minute with Jacquelyn Kimber, Partner at Newby Castleman.
What’s keeping you busy at work?
There has been plenty keeping me busy since the Autumn Budget announcements. I advise quite a few non-UK domiciliaries, many of whom are the settlors or beneficiaries of offshore trusts. We’ve known since March this year that non-dom status is to be removed from 6 April 2025, but until now there has been very little detail about precisely how the new rules will work, and getting to grips with this massive change in approach to overseas nationals is going to take time.
Leading up to 30 October, as a practice we saw a huge rush to complete company reorganisations and share buybacks as clients wanted to avoid the anticipated rise in rates of CGT.
What do you know now that you wish you’d known at the start of your career?
My advice to all staff (not just trainees) is to grab as many new experiences as possible and get involved in everything, even if it seems daunting, from technical tax problems, to presenting, writing articles and attending events. Be bold – you will probably enjoy it!
If you could make one change to tax, what would it be?
This is going to sound a bit like a broken record amongst tax professionals, but our tax system is far too complicated. We have one of the longest tax codes in the world, and that is still not enough to provide certainty to many businesses and individuals, so we need reams of additional guidance on top. I can think of many examples where our legislation is opaque, but I have always found the Enterprise Investment Scheme rules particularly impenetrable. And those are rules which are supposed to support investment!
Are there any new rules that are causing a particular problem in practice?
The restriction to inheritance tax Business Relief and Agricultural Relief to a combined value of £1m announced in the October Budget is going to affect the majority of our clients. Whilst some may be able to plan lifetime gifts rather than waiting to transfer assets on death, in practice, many are reliant upon their businesses for an income stream, so it isn’t always feasible to pass assets on.
Has there been a recent change in HMRC practice which has impacted your work?
On a practical level, it has become so difficult to get in touch with HMRC it means that staff are regularly left holding on the phone for more than 30 minutes.
What are clients currently asking about?
Inevitably, the Budget and what it means for them, but pension tax relief queries are also cropping up quite frequently.
Finally, you might not know this about me but…
As well as being a mad cat lady (shout out here to Nova, Cranberry, Echo and Ember), I yarn bomb, and I hold a degree in English and linguistics. Combining the two means that 2025 will see a selection of Shakespeare’s characters crotched for our annual village carnival!
One minute with Jacquelyn Kimber, Partner at Newby Castleman.
What’s keeping you busy at work?
There has been plenty keeping me busy since the Autumn Budget announcements. I advise quite a few non-UK domiciliaries, many of whom are the settlors or beneficiaries of offshore trusts. We’ve known since March this year that non-dom status is to be removed from 6 April 2025, but until now there has been very little detail about precisely how the new rules will work, and getting to grips with this massive change in approach to overseas nationals is going to take time.
Leading up to 30 October, as a practice we saw a huge rush to complete company reorganisations and share buybacks as clients wanted to avoid the anticipated rise in rates of CGT.
What do you know now that you wish you’d known at the start of your career?
My advice to all staff (not just trainees) is to grab as many new experiences as possible and get involved in everything, even if it seems daunting, from technical tax problems, to presenting, writing articles and attending events. Be bold – you will probably enjoy it!
If you could make one change to tax, what would it be?
This is going to sound a bit like a broken record amongst tax professionals, but our tax system is far too complicated. We have one of the longest tax codes in the world, and that is still not enough to provide certainty to many businesses and individuals, so we need reams of additional guidance on top. I can think of many examples where our legislation is opaque, but I have always found the Enterprise Investment Scheme rules particularly impenetrable. And those are rules which are supposed to support investment!
Are there any new rules that are causing a particular problem in practice?
The restriction to inheritance tax Business Relief and Agricultural Relief to a combined value of £1m announced in the October Budget is going to affect the majority of our clients. Whilst some may be able to plan lifetime gifts rather than waiting to transfer assets on death, in practice, many are reliant upon their businesses for an income stream, so it isn’t always feasible to pass assets on.
Has there been a recent change in HMRC practice which has impacted your work?
On a practical level, it has become so difficult to get in touch with HMRC it means that staff are regularly left holding on the phone for more than 30 minutes.
What are clients currently asking about?
Inevitably, the Budget and what it means for them, but pension tax relief queries are also cropping up quite frequently.
Finally, you might not know this about me but…
As well as being a mad cat lady (shout out here to Nova, Cranberry, Echo and Ember), I yarn bomb, and I hold a degree in English and linguistics. Combining the two means that 2025 will see a selection of Shakespeare’s characters crotched for our annual village carnival!
