One minute with Lorenza De Domenico, senior associate at Skadden.
What’s keeping you busy at work?
Pillar Two has been massively topical in recent weeks with the OECD and US Treasury statements released at the end of June. Despite the uncertainty (or maybe because of it!), our clients remain very focused on ensuring readiness for a world where Pillar Two is the new normal.
What do you know now that you wish you’d known at the start of your career?
It’s perfectly normal to feel like there is an almost endless amount of technical knowledge to acquire – there is, and it somehow keeps growing the more learning you do. But that’s the beauty of this career!
Are there any new rules that are causing a particular problem in practice?
The new Foreign Income and Gains regime and upcoming reform of the carried interest rules have been a particular point of focus in recent months, particularly for internationally mobile executives who are going to be impacted by these changes. More generally, in the asset management world there have been a number of developments in the first half of 2025 that may impact manager structures moving forward – I am thinking of the BlueCrest Court of Appeal decision on the Salaried Member Rules handed down in January, which is now being appealed to the Supreme Court, and the proposed amendments to the Investment Manager Exemption that were published in April.
If you could make one change to tax, what would it be?
HMRC’s internal manuals are invaluable when coming to a view as to how certain parts of UK statute should be applied in practice. However, they are a somewhat blunt instrument both in their creation (they don’t require consultation) and application (as was brought into the spotlight by the BlueCrest Court of Appeal decision). If I could make one change to tax practice, I would require Statements of Practice (or notices, similar to the VAT ones) to be consulted on for every new piece of UK legislation, to increase clarity and certainty for taxpayers.
Finally, you might not know this about me but…
I grew up in the Italian countryside and I am happiest out in nature. I struggled to adapt to the loud City life when I moved to London to pursue my career, but luckily I now live on the doorsteps of Epping Forest. This surprisingly blends both my realities as, unknown to many, the ancient woodland and open spaces are managed by the City of London Corporation as a registered charity.
One minute with Lorenza De Domenico, senior associate at Skadden.
What’s keeping you busy at work?
Pillar Two has been massively topical in recent weeks with the OECD and US Treasury statements released at the end of June. Despite the uncertainty (or maybe because of it!), our clients remain very focused on ensuring readiness for a world where Pillar Two is the new normal.
What do you know now that you wish you’d known at the start of your career?
It’s perfectly normal to feel like there is an almost endless amount of technical knowledge to acquire – there is, and it somehow keeps growing the more learning you do. But that’s the beauty of this career!
Are there any new rules that are causing a particular problem in practice?
The new Foreign Income and Gains regime and upcoming reform of the carried interest rules have been a particular point of focus in recent months, particularly for internationally mobile executives who are going to be impacted by these changes. More generally, in the asset management world there have been a number of developments in the first half of 2025 that may impact manager structures moving forward – I am thinking of the BlueCrest Court of Appeal decision on the Salaried Member Rules handed down in January, which is now being appealed to the Supreme Court, and the proposed amendments to the Investment Manager Exemption that were published in April.
If you could make one change to tax, what would it be?
HMRC’s internal manuals are invaluable when coming to a view as to how certain parts of UK statute should be applied in practice. However, they are a somewhat blunt instrument both in their creation (they don’t require consultation) and application (as was brought into the spotlight by the BlueCrest Court of Appeal decision). If I could make one change to tax practice, I would require Statements of Practice (or notices, similar to the VAT ones) to be consulted on for every new piece of UK legislation, to increase clarity and certainty for taxpayers.
Finally, you might not know this about me but…
I grew up in the Italian countryside and I am happiest out in nature. I struggled to adapt to the loud City life when I moved to London to pursue my career, but luckily I now live on the doorsteps of Epping Forest. This surprisingly blends both my realities as, unknown to many, the ancient woodland and open spaces are managed by the City of London Corporation as a registered charity.
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