Citywealth Leaders List, 60 second interview – Waqar Shah, Kingsley Napley
This week’s 60 seconds Citywealth Leaders List interview is dedicated to Waqar Shah, Partner, Dispute Resolution at Kingsley Napley.
Tell Citywealth readers a bit about your role.
I lead the Tax Disputes & Investigations team at Kingsley Napley LLP, specialising in resolving contentious tax matters. I mainly act for individuals, businesses, and trusts facing HMRC enquiries or investigations and regularly work alongside existing accountants and can either manage a dispute from the outset or step in where a matter has stalled.
My priority is to secure resolution without recourse to a Tax Tribunal (and the related publicity) and instead focus on HMRC mediations for even the most complicated and high-value matters.
What does a typical day look like for you?
My work is broadly split between advising high net worth individuals and medium to large corporates on complex tax disputes and investigations.
A typical day often involves preparing for upcoming mediations or hearings, which includes liaising with external accountants, counsel, or related experts. As investigations and disputes can run for long periods, my focus can shift quickly across the whole spectrum of tax matters, from analysing the finer points of Capital Gains Tax exemptions to addressing employment tax (or IR35) issues for a growing business.
It is easy to forget the impact a tax investigation can have on a client and how quickly fatigue can set in. Therefore, large parts of my day would be speaking to various clients with a view to breaking down complicated issues into understandable points.
Alongside my client work, I mentor aspiring lawyers through several organisations and regularly speak at external events, including recent engagements in Dubai, the US, and the Channel Islands.
As the lead for the firm’s Middle East offering, I also spend part of my time preparing for trips to the UAE and the wider region or reviewing recent visits to assess how we can better support clients with English legal or tax matters.
Tell us about some recent, interesting client instructions/requests you have received.
Recent matters have included an HMRC investigation into a complex, multi-jurisdictional family structure involving several trusts, where HMRC alleged that tax had been unpaid for nearly two decades. I have also advised on a dispute concerning the UK tax treatment of stolen cryptocurrency held by a Dubai based individual, and on a Code of Practice 9 case in which HMRC suspected deliberate non-payment of tax but agreed not to proceed to a criminal prosecution subject to strict requirements.
More broadly, we are seeing increased collaboration between international tax authorities and greater reliance on advanced analytical tools to identify potential risks. As a result, tax investigations are becoming more frequent and more sophisticated, and accountants are increasingly recognising the value of partnering with specialist tax disputes lawyers.
What challenges do your clients face and how are you helping your clients to overcome them?
Many clients struggle to determine who to rely on for different tax related issues. In most situations, a tax accountant is the right adviser, particularly for compliance, tax returns, and calculating amounts owed to or from HMRC. However, when a matter is, or is likely to become, a dispute or investigation, it is important to consider how the position might ultimately be viewed by a judge. Therefore, I would emphasise the need for the right strategic approach rather than relying solely on an accountant for all HMRC related issues.
It is also easy to overlook that HMRC enquiries often involve more than potential underpaid tax; interest, penalties, and reputational risks may all arise. From a commercial perspective, taking early steps to minimise penalties is critical. Likewise, even where a technical argument is strong, some clients prioritise privacy above all else, making a private mediation a far more suitable route than a public Tribunal hearing.
What is your proudest professional achievement?
I was fortunate to receive excellent training at a Big 4 firm and have my first case as a qualified solicitor in the Supreme Court (in front of 7 justices). However, my proudest achievement is the decision I made three years ago to take the leap to establish a new tax disputes and investigations team at Kingsley Napley. There is a shared vision and dedication towards excellent client service at the firm and it is no surprise that we have been able to attract top talent in this area from competitor firms.
In tax disputes, for every Tax Tribunal decision which is successful, there are now probably 30 that have been resolved before that stage and can never be publicised. Only the client knows the value you’ve delivered. When those clients then become your biggest advocates and refer new matters, that is the recognition I am most proud of.
What do you consider to be the most important attributes for a leader?
I can see the logic behind a 90/10 approach. I believe 90% of effective leadership is rooted in having a clear vision, understanding the goals, setting direction, and empowering the team to deliver. The remaining 10% is adaptability; the capacity to adjust to external developments and to recognise when your team has a better approach. Strong leaders remain open to learning and evolving, wherever they are in their career.
Who do you most admire and why?
My parents, and others who came to the UK from South Asia and elsewhere who faced significant obstacles from cultural barriers to discrimination and limited opportunities. They confronted these challenges with resilience, dignity, and an unwavering focus on building a better future for their families. Their determination, work ethic, and selflessness continues to inspire me.
Where was the last place you travelled to for work or pleasure?
My wife and I managed our first trip without the children between Christmas and New year to Bruges. It was only 1.5 days but felt like we were away for a fortnight! It was a wonderful place to be at that time of year.
If you weren’t in this industry, what else might you be doing?
I would hope to be a full-time journalist covering cricket. More realistically, I would probably have pursued a career in finance or politics.
Depending on your views on those alternatives, this may confirm that I am, indeed, really that boring.
How do you relax after a long day?
Spending time with my family, even something as simple as helping with homework is a welcome change of pace. I appreciate the level of relaxation is going to diminish as the children get older and the complexity of the homework increases.
If you could recommend one person in the private wealth industry who would it be, and what would you say about them?
It would be unfair to single out one person as I have been blessed to know such a wide variety of contacts in this industry. The one thing that could be said about them all is that they are all wise enough to know that it is sometimes just as important to know who to ask as opposed to where to look. The importance of a strong network (ideally established in your early years) is incredibly useful as you never know what issue your client has and as ever, you want to point them in the right direction as their trusted adviser.
Waqar Shah’s Citywealth Leaders List profile
Kingsley Napley’s Citywealth Leaders List profile
Subscribe to the Citywealth Weekly Newsletter to learn more about Private Wealth Management.
Read more:
Kingsley Napley launches Tax Disputes & Investigations practice
Cohabiting partners – Kingsley Napley comment on WEC letter
Kingsley Napley’s ‘Inheritance Tax Olympics’
UK Electronic Travel Scheme rollout – Kingsley Napley comment
60 seconds – Rebecca Niblock, Partner, Kingsley Napley
Top 40 Under 40 Private Client Lawyers 2024 | Citywealth Top List
Budget measure requiring self-assessment tax returns
Citywealth Leaders List, 60 second interview – Mariana Oiticica, BTG Pactual
This week's 60 seconds Citywealth Leaders List interview is dedicated to Mariana Oiticica, Managing Director and Partner at BTG Pactual.
Citywealth Leaders List, 60 second interview – Tara Parchment, Brit Insurance
This week's 60 seconds Citywealth Leaders List interview is dedicated to Tara Parchment, Head of Private Clients at Brit Insurance.