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KPMG’s latest tax seminar looks at the constantly evolving tax environment

KPMG’s latest tax seminar

The Claremont Hotel hosted yet another well attended KPMG tax seminar on Friday 20 September 2019 which aimed to keep local clients and members of the business community up to date in a constantly evolving tax environment.

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KPMG Isle of Man Tax Team

Tax team, left to right: David Parsons, Robert Rotherham, Greg Jones, Justine Howard, Katie Kneale and Paul Cawley.

The Claremont Hotel hosted yet another well attended KPMG tax seminar on Friday 20 September 2019 which aimed to keep local clients and members of the business community up to date in a constantly evolving tax environment.

Justine Howard, Senior Tax Manager, started proceedings by commenting on how the UK tax landscape for non-resident owners of UK land and property has been changing almost annually since April 2013.  She then considered the changes that came into force on 6 April 2019 focussing on the new indirect disposal rules and the impact these now have on non-resident individuals, trustees and corporate owners with interests in UK land with particular reference to reporting and payment obligations and the special rules that apply to investors in collective investment vehicles.

Next up was Robert Rotherham, Tax Director, who broached the tricky subject of the taxation of the “digital economy”. Despite the pace of change in many other areas of international tax, this is an area in which the OECD has as yet failed to reach a consensus, which has led to some countries introducing their own unilateral measures (for example the UK’s proposed Digital Services Tax). Rob concluded by wondering whether the way forward lies in moving more towards taxing consumption than the often difficult-to-pin-down concept of profit.

Rob handed over to Katie Kneale, Senior Tax Manager, who highlighted the increased activity KPMG LLC are seeing in relation to Isle of Man employment taxes, partly driven by growing interest from the Income Tax Division, as well as increasingly diverse benefits packages offered by employers. She focused in particular on the Isle of Man tax implications of employer share schemes, highlighting the application of various Isle of Man anti-avoidance pensions and the potential implications for Isle of Man resident employees, before moving on to discuss some of the issues employers face when dealing with globally mobile employees.

Following Katie, Paul Cawley, Head of Indirect Tax, updated delegates on HMRC’s “Making Tax Digital” programme which requires UK VAT registered businesses to submit electronic information to support their declarations and also HMRC’s recent decision to postpone until 1 October 2020 a VAT anti-fraud measure targeted at the construction sector. Paul then moved onto the matter of Brexit, explaining some of the VAT and Customs implications that businesses might face in the event of a “no-deal” Brexit and possible planning opportunities that those businesses might consider.

David Parsons, KPMG’s Head of Tax, closed proceedings by providing an overview in relation to various exchange of information initiatives, including in particular the mandatory disclosure regimes that are being driven by the EU and OECD.

The event was closed by Russell Kelly, Senior Partner at KPMG Isle of Man, marking the occasion of Greg Jones’ final tax seminar with KPMG ahead of his retirement from the firm. Russell formally thanked Greg for his contribution in leading KPMG’s tax practice over the last 30 years and reflected on the strength of the team that now takes the practice forward, with Tax Partner David Parsons and Tax Director Robert Rotherham at the helm. 

The term Partner refers to a member of KPMG LLC / KPMG Audit LLC.

© 2019 KPMG LLC, an Isle of Man limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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