60-second interview: Zoe Sive

What are your clients talking to you about at the moment and does anything concern you?

My clients’ concerns can be divided into two categories: those which are common throughout the generations and across borders, but are also very personal, such as the best way to structure their affairs to ensure their personal and business assets devolve in an efficient fashion, and those which are a response to changes
in their environment.

Topical UK tax queries relate to structures for UK real estate in light of the various new annual tax on enveloped dwellings, capital gains tax and stamp duty land tax changes, and the potential for a mansion tax in the future.

Another common concern is how to arrive in or leave the UK in a tax-efficient fashion, taking into account the new statutory residence test. A private client lawyer needs to be versatile and react quickly to a changing regulatory environment. Our clients want certainty from their advisers. It can be challenging to be able to provide this in light of new, untested, often wide and sometimes retroactive legislation and guidance.

What key trends are you following?

From an international and UK perspective, I am following the continual move towards global tax transparency, international cooperation, and specific and general anti-abuse legislation. As many jurisdictions attempt to tackle their financial deficit, there is also an increasing focus on tax amnesties and disclosure facilities and on the taxation of wealth, especially real estate.

Where are you seeing the wealth?

While regions such as Russia, CIS and Africa are often favoured by advisers as areas of increasing wealth, many of my wealthy clients are from Asia, the Middle East, continental Europe and the US.

What’s your view on plans to simplify laws and make it a criminal offence for Britons to hold undeclared income overseas?

The government’s determination to tackle tax evasion and raise tax from undeclared funds is clear. It can be seen as part of the global trend towards transparency and ensuring that everyone pays their ‘fair share’. While the objective behind the Treasury’s plans for a strict liability offence is simple, the tax legislation in relation to overseas assets is very complex, making it is possible to fall between the cracks.

It remains to be seen to what extent there will be safeguards for those taxpayers who are not evading tax. Regardless of how busy their lives may be, it is therefore vital for clients to focus and ensure that their tax affairs are in order. For clients whose affairs need attention, they would be advised to resolve matters this year, before the new strict liability offence is enacted, while there are still opportunities to make disclosures under the various disclosure facilities and while they still have the ability to approach HMRC
and reach a civil financial settlement.

In light of the ongoing changes to the tax landscape and the shifting of the burden of proof for offences from HMRC to the taxpayer, even clients who think their tax affairs are in good order would be advised to arrange regular ‘health checks’ of their tax affairs and keep very careful records.

What’s the biggest lesson you’ve learned during your career?

Being able to delegate effectively is critical to success and happiness in the workplace. Delegation works best when your team feel valued and supported to be the best that they can be.

You recently moved to Kingsley Napley from Baker & McKenzie. What attracted you to the firm?

First, everyone I met came across not only as intelligent and professional but also as warm and welcoming. Second, the firm has a clear vision and business plan to integrate my role as an international private client lawyer into the private client team and the firm as a whole.

Third, many of the people and teams at the firm are leaders in their field. In particular, the breadth of expertise in immigration, family and real estate teams makes it possible to approach my client’s needs from multiple perspectives and produce a seamless package advising high-profile figures on every aspect
of their public and private lives.

Zoë can be contacted at www.kingsleynapley.co.uk