KPMG seminar delivers tax update to over 150 delegates
20 July 2023
KPMG in the Crown Dependencies hosted its latest tax seminar to an audience of around 150 local delegates, providing updates on a variety of tax-related matters. Led by Robert Rotherham, Tax Partner in the Isle of Man, the seminar looked at a variety of Isle of Man and UK direct and indirect tax matters.
Guest speaker David Parsons, from Isle of Man Treasury, opened proceedings by giving an update on the OECD's Pillar 2 minimum tax rate initiative proposals following the recent joint statement issued by the three Crown Dependencies. The Isle of Man will see the implementation of the Pillar 2 rules most likely with effect from 1 January 2025, and it was noted that the Isle of Man Government remains committed to continuing to offer an attractive and competitive environment for businesses.
Phil Morris, Indirect Tax Director, gave some practical insights into how businesses can manage their VAT cashflow before Katie Kneale, Tax Senior Manager, discussed some recent UK case law, including the Eammon Holmes and Gary Lineker employment cases, as well as a recent domicile case. Katie noted that HMRC are increasingly challenging individuals’ domicile during their lifetime (rather than after death) with the main takeaways from this case being that “actions speak louder than words” and the importance of having appropriate documentation in place.
Clare Kelly, Tax Senior Manager, gave an update on Economic Substance and the common errors made on corporate tax return filings. Clare also gave a brief update on FATCA and CRS reporting, urging businesses to check the accuracy of their data and to be proactive in discussing any issues with the Tax Authorities.
Robert commented, “Our tax seminars continue to be a key date in our event calendar, giving an invaluable opportunity for local professionals to keep up to date and network. With ongoing changes in local and global tax issues, our tax team is keen to engage with local businesses, so they are prepared and ready to comply with the various rules and regulations.”