Top Ten Tax & Trust Accountants
Victor Dauppe has one simple purpose: to help people structure their affairs. ‘Simple’ being the optimal word: he believes that structuring has shifted over the years, from being an exercise in craftiness to leaning on a mantra of ‘straightforward, but effective’.
‘It’s all about openness, because it’s just so painful emotionally and financially to get involved in Revenue enquiries. You’re better off trying to do it right in the first place,’ he says. He believes we are in a transitional period, and in a tax landscape where ‘the biggest worry that [he] can see is the idea that you’re going to have to explain everything’ to a ‘belligerent’ HMRC, he welcomes the ‘move to openness’.
‘The advent of DAC 6, which is the disclosure requirement for all sorts of international transactions, means that there is nowhere to hide these days. And you don’t want to hide; you want your affairs to be very open and very visible to HMRC, and that normally means making them simple.’
Coronavirus also means some more unwelcome changes. ‘We’re waiting to see exactly what the chancellor is going to pull out of the bag this winter, but everyone’s pinning their thoughts on capital gains tax at the moment,’ says Dauppe.
‘Particularly, there are rumours rushing around that they are going to take away the principal private residence exemption, which exempts the capital gains tax on the sale of your home.’