One minute with Majid Hussain, Head of Private Client at HaysMac.
What’s keeping you busy at work?
The impact of the recent Budget changes, particularly on wealth planning and the evolving tax landscape for international non-domiciled individuals. Many clients are exploring their options for restructuring or exiting the UK, navigating significant shifts in tax policy that affect long-term financial planning.
If you could make one change to tax, what would it be?
I would simplify the UK tax system. National insurance should be abolished for individuals and merged into a single income tax structure for clarity and efficiency. Income tax rates should be reduced to incentivise work and investment. Additionally, inheritance tax should be drastically reduced, with policies that encourage wealth circulation within the economy, rather than punitive taxation that discourages long-term economic growth. A more predictable, fair system would benefit both individuals and the wider economy.
What do you know now that you wish you’d known at the start of your career?
Working smart is essential to success. Having new ideas and constantly pushing for innovation is critical, but early on, it can feel like an uphill battle when surrounded by established ways of thinking. While I embraced this approach early in my career, I wish I had been explicitly told that being an outlier is often a strength. Innovation isn’t just about having good ideas; it’s about persistently advocating for them despite resistance.
Are any new rules causing a particular problem in practice?
The changes to the non-domicile rules in the Budget are causing significant disruption, particularly due to the lack of grandfathering provisions. Many individuals structured their affairs in good faith based on the existing tax framework, only to find the rules have shifted beneath them. This retroactive approach not only creates uncertainty but also raises ethical concerns about trust in the tax system. Sudden, sweeping changes without transitional measures undermine confidence and deter investment in the UK.
Has a recent change in HMRC practice impacted your work?
The changes to the salaried partnership anti-avoidance rules have been particularly disruptive. HMRC initially altered its approach, causing significant uncertainty in the industry, only to backtrack later. Businesses and professional firms need certainty, not ever-changing interpretations that disrupt long-term strategy.
What are clients currently asking about?
The dominant themes in client conversations right now are: (1) how do we leave the UK? And (2) how do we pass on wealth to our children in a tax-efficient way, given that we have already paid tax on it?
Clients feel they are in a high-tax jurisdiction without the infrastructure or certainty that should come with it. The constant tinkering with the tax system has left many high net-worth individuals feeling uncertain about their future in the UK. The lack of stability and predictability in taxation makes long-term financial planning increasingly difficult, pushing many to explore other jurisdictions where they can achieve more certainty and economic security.
You might not know this about me but...
Having initially trained as a barrister, I do a lot of pro bono work in my spare time, which has led to some fascinating cases completely unrelated to tax. Additionally, I am deeply involved in personal development coaching, also on a pro bono basis, which has taken me to places such as New York University, London Metropolitan Police, and other leading institutions to speak on leadership, mindset and self-improvement. These experiences outside of tax have been some of the most rewarding aspects of my career.
One minute with Majid Hussain, Head of Private Client at HaysMac.
What’s keeping you busy at work?
The impact of the recent Budget changes, particularly on wealth planning and the evolving tax landscape for international non-domiciled individuals. Many clients are exploring their options for restructuring or exiting the UK, navigating significant shifts in tax policy that affect long-term financial planning.
If you could make one change to tax, what would it be?
I would simplify the UK tax system. National insurance should be abolished for individuals and merged into a single income tax structure for clarity and efficiency. Income tax rates should be reduced to incentivise work and investment. Additionally, inheritance tax should be drastically reduced, with policies that encourage wealth circulation within the economy, rather than punitive taxation that discourages long-term economic growth. A more predictable, fair system would benefit both individuals and the wider economy.
What do you know now that you wish you’d known at the start of your career?
Working smart is essential to success. Having new ideas and constantly pushing for innovation is critical, but early on, it can feel like an uphill battle when surrounded by established ways of thinking. While I embraced this approach early in my career, I wish I had been explicitly told that being an outlier is often a strength. Innovation isn’t just about having good ideas; it’s about persistently advocating for them despite resistance.
Are any new rules causing a particular problem in practice?
The changes to the non-domicile rules in the Budget are causing significant disruption, particularly due to the lack of grandfathering provisions. Many individuals structured their affairs in good faith based on the existing tax framework, only to find the rules have shifted beneath them. This retroactive approach not only creates uncertainty but also raises ethical concerns about trust in the tax system. Sudden, sweeping changes without transitional measures undermine confidence and deter investment in the UK.
Has a recent change in HMRC practice impacted your work?
The changes to the salaried partnership anti-avoidance rules have been particularly disruptive. HMRC initially altered its approach, causing significant uncertainty in the industry, only to backtrack later. Businesses and professional firms need certainty, not ever-changing interpretations that disrupt long-term strategy.
What are clients currently asking about?
The dominant themes in client conversations right now are: (1) how do we leave the UK? And (2) how do we pass on wealth to our children in a tax-efficient way, given that we have already paid tax on it?
Clients feel they are in a high-tax jurisdiction without the infrastructure or certainty that should come with it. The constant tinkering with the tax system has left many high net-worth individuals feeling uncertain about their future in the UK. The lack of stability and predictability in taxation makes long-term financial planning increasingly difficult, pushing many to explore other jurisdictions where they can achieve more certainty and economic security.
You might not know this about me but...
Having initially trained as a barrister, I do a lot of pro bono work in my spare time, which has led to some fascinating cases completely unrelated to tax. Additionally, I am deeply involved in personal development coaching, also on a pro bono basis, which has taken me to places such as New York University, London Metropolitan Police, and other leading institutions to speak on leadership, mindset and self-improvement. These experiences outside of tax have been some of the most rewarding aspects of my career.
