Mark Davies thinks of tax as a game with ever-changing rules. ‘I could really do without more change in our profession,’ he says. ‘There are already a number of dramatic [revisions] to tax law, as well as how we approach the law, to contend with.’ For Davies, the furore surrounding tax avoidance in the aftermath of the Panama leaks was misplaced: previously legitimate structuring to pay less tax has become ‘socially and legally inappropriate’. ‘Our challenge as a profession is to look at the substance of each transaction and to ensure that there is tax-efficiency,’ Davies says. Will his largely foreign domiciled clients continue to come to the UK? ‘Non-doms are not feeling welcome,’ he says.