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The 22nd Annual Taxation of Collective Investment Schemes Conference
London, England
July 4th, 2013
8:00 AM (UTC - GMT), England, GBR
Event Speaker
Stephen Newcombe
Head of Tax, HSBC ASSET MANAGEMENT
Stephen Newcombe is Head of Tax for HSBC Global Asset Management and is responsible for the worldwide tax affairs of the business area as well as advising on tax issues relating to its investment products both onshore and offshore. Prior to joining the HSBC Group he worked in corporate tax for Coopers & Lybrand in London where he qualified as a Chartered Accountant. He has been a member of several tax committees and consultative groups covering a wide spectrum. Stephen is currently a member of the tax committee of the Association of Private Client Investment Managers and Stockbrokers.
Daniel Godfrey
Chief Executive
IMA
Daniel became Chief Executive of the IMA in December 2012. Previously he spent 11 years as Director General of the Association of Investment Companies where he led on a number of complex regulatory and industry challenges, including successfully dealing with the fall out of the several £billion of losses in the split capital investment trust and the introduction of a Corporate Governance Code for Directors of Investment Companies. He was also Chairman of the Personal Finance Education Group (pfeg) and a member of HM Treasury’s Financial Services Forum where he Chaired the Simple and Transparent Products Working Group that formed the basis of current Government proposals. Most recently, Daniel spent two years as Communications Director at the Phoenix Group. He studied at the University of Manchester and did his BA in Economics, Politics and Social Anthropology.
John Buckeridge
Policy and Technical Adviser - CIS,
HMRC
John Buckeridge is a civil servant working for Her Majesty’s Revenue and Customs. He is a policy and technical adviser on Collective Investment Schemes and is a member of the Financial Products and Services team, within CT&VAT. He was closely involved in the development of “The Authorised Investment Funds (Tax) Regulations 2006” and has continued to be involved, working with HM Treasury colleagues and with Industry, in further developments to the taxation of UK authorised funds and their investors together with other types of collective investment schemes as well as with the new regime for the taxation of UK investors in offshore funds. He has previously been an Inspector of Taxes in one of the former Inland Revenue’s Network offices. Prior to joining the Revenue he has been a teacher of Mathematics in schools and in a sixth form college as well as an A-level examiner. He has a degree in Mathematics from London University and is a member of the Chartered Management Institute.
Edward Turner
Head of Tax Product
HSBC SECURITIES SERVICES
Ed Turner is Head of Tax Product for HSBC Securities Services and is responsible for determining the global tax services offered by the business as well as ensuring compliance with new tax regulations. Prior to joining HSBC he has worked at Northern Trust, Citi and Ernst & Young where he qualified as a Chartered Accountant. Ed is a member of the British Banking Association International Custody Tax Liaison Group and the Association of Global Custodians Tax Committee and has been part of the HM Treasury working group to establish the UK Tax Transparent Fund.
Lucy Smith
Tax Director
SCHRODER INVESTMENT MANAGEMENT
Lucy Smith is a Tax Director at Schroder Investment Management Ltd, where her role involves advising the business on a wide range of tax matters affecting the product ranges and their investors. She has worked in the asset management sector for around 15 years, having worked previously at Deloitte and Threadneedle Asset Management, and between 2000 and 2002 was seconded as Tax Adviser to AUTIF (now the IMA).
Robin Deans
Tax Department
JP MORGAN ASSET MANAGEMENT
Robin has over 15 years tax experience in taxation of funds and fund
management and has been with JPMorgan Asset Management covering UK and European taxation matters on funds and fund management companies since 2000. He is a member of the EFAMA working group that has been liaising with US Treasury and IRS to tryand achieve FATCA provisions that are proportionate and practical for the funds industry to implement.
Suzi Edwards
Senior Manager
DELOITTE
Suzi Edwards is a Senior Manager in the Deloitte Stamp Tax Consultancy advising the capital markets, asset managers and their service providers across all UK stamp taxes, and the unilateral and EU wide financial transaction taxes. Since 2009 she has focused on providing UK and non UK stamp tax advice on in specie transitions into, out of, and between global fund structures and umbrella fund cross border reconstructions aided by a strong global network of local Deloitte tax and regulatory experts. Recent projects have included supporting clients with advice and implementation assistance on UK, Irish and US unit trust, UK OEIC, Irish VCIC and Luxembourg SICAV umbrella (sub) fund partitions, mergers, amalgamations and investor integrations. Suzi worked with HMT and HMRC as part of the UK tax transparent fund working group committee and is a member of the CIOT stamp tax practitioners group.
Jorge Morley-Smith
Head of Tax
IMA
Jorge joined the Investment Management Association as Head of Tax in November 2011. Before this Jorge worked in the investment tax team at Deloitte in London and has 13 years of experience advising UK and overseas fund managers in a range of international tax issues. Jorge leads IMA’s work on all tax matters.
Teresa Owusu-Adjei
Partner, Asset Management Tax
PwC
Teresa is an Asset Management Tax Partner at PwC and has over seventeen years of experience advising on tax issues affecting global investment managers and their investment products. Teresa advises financial services groups on tax matters in relation to the structuring of both onshore and offshore products. Her experience includes advising on tax issues to products aimed at the retail, institutional, hedge fund and private equity sectors of the investment management industry. Teresa has taken a particular interest in the development of EU case law as it affects the financial services industry in Europe and has helped clients obtain tax refunds on a number of EU discriminatory areas including taxation of dividends, withholding taxes, capital allowances and group relief. Teresa has written articles and spoken at conferences on issues affecting asset managers such as product structuring, tax discrimination, transfer pricing, and the UCITS IV and the EU Savings Directives.
Cathryn Vanderspar
Tax Partner
BERWIN LEIGHTON PAISNER
Cathryn Vanderspar has been a tax Partner at BLP for over 12 years. She has extensive experience in structuring real estate transactions and funds. Cathryn has been very actively involved in new product development in both HMRC and industry working groups as well as for clients. In particular she has been involved throughout the development of the UK REIT regime including the recent rewrite of the legislation and in the development of the new Property Authorised Investment Funds. Cathryn is a member of the tax committees of BPF’s REITs group and of ARAS. She is also a member of the IPF Residential Focus Group and the author of the REITs’ chapter in Tolley’s Taxation of Collective Investments.
Richard Iferenta
Partner, Financial Services Indirect Tax Practice
KPMG
Richard heads up KPMG’s Global Financial Services VAT Network. A key focus for Richard is working with KPMG firms’ international financial services clients to advise on the potential impact of VAT on their global operations and he has led a number of global projects for financial services groupswhich have helped deliver VAT savings and operational efficiencies as well as enhance VAT compliance.
Stuart Chalcraft
Associate Partner
ERNST & YOUNG
Stuart is an Associate Partner at Ernst & Young, specialising in tax for asset management. He has over 15 years experience in advising a wide range of clients from global asset managers and their funds through to private equity houses and hedge fund managers. Stuart is Ernst & Young’s FATCA leader for tax for asset management across EMEIA and for the last 2 years has worked with many global asset managers to assess and address the impact of FATCA.
Nathan Hall
Associate Partner
KPMG
Nathan Hall joined KPMG’s Financial Services tax team in 2000. From 2002 spent over eighteen months on secondment to the IMA as tax adviser and secretary to the SORP working group. He now advises UK investment managers on corporation tax and on structuring investment products. He has served on the IMA’s tax committee and represents the UK on KPMG’s Global Investment Management and Funds tax network. He was part of the team that prepared KPMG’s two recent reports for the IMA on Taxation and the Competitiveness of UK Funds and The Value to the UK Economy of UK-Domiciled Authorised Investment Funds. He is involved in the working groups and discussions that have taken place with HM Treasury and HMRC subsequent to these reports.
Head of Tax, HSBC ASSET MANAGEMENT
Stephen Newcombe is Head of Tax for HSBC Global Asset Management and is responsible for the worldwide tax affairs of the business area as well as advising on tax issues relating to its investment products both onshore and offshore. Prior to joining the HSBC Group he worked in corporate tax for Coopers & Lybrand in London where he qualified as a Chartered Accountant. He has been a member of several tax committees and consultative groups covering a wide spectrum. Stephen is currently a member of the tax committee of the Association of Private Client Investment Managers and Stockbrokers.
Daniel Godfrey
Chief Executive
IMA
Daniel became Chief Executive of the IMA in December 2012. Previously he spent 11 years as Director General of the Association of Investment Companies where he led on a number of complex regulatory and industry challenges, including successfully dealing with the fall out of the several £billion of losses in the split capital investment trust and the introduction of a Corporate Governance Code for Directors of Investment Companies. He was also Chairman of the Personal Finance Education Group (pfeg) and a member of HM Treasury’s Financial Services Forum where he Chaired the Simple and Transparent Products Working Group that formed the basis of current Government proposals. Most recently, Daniel spent two years as Communications Director at the Phoenix Group. He studied at the University of Manchester and did his BA in Economics, Politics and Social Anthropology.
John Buckeridge
Policy and Technical Adviser - CIS,
HMRC
John Buckeridge is a civil servant working for Her Majesty’s Revenue and Customs. He is a policy and technical adviser on Collective Investment Schemes and is a member of the Financial Products and Services team, within CT&VAT. He was closely involved in the development of “The Authorised Investment Funds (Tax) Regulations 2006” and has continued to be involved, working with HM Treasury colleagues and with Industry, in further developments to the taxation of UK authorised funds and their investors together with other types of collective investment schemes as well as with the new regime for the taxation of UK investors in offshore funds. He has previously been an Inspector of Taxes in one of the former Inland Revenue’s Network offices. Prior to joining the Revenue he has been a teacher of Mathematics in schools and in a sixth form college as well as an A-level examiner. He has a degree in Mathematics from London University and is a member of the Chartered Management Institute.
Edward Turner
Head of Tax Product
HSBC SECURITIES SERVICES
Ed Turner is Head of Tax Product for HSBC Securities Services and is responsible for determining the global tax services offered by the business as well as ensuring compliance with new tax regulations. Prior to joining HSBC he has worked at Northern Trust, Citi and Ernst & Young where he qualified as a Chartered Accountant. Ed is a member of the British Banking Association International Custody Tax Liaison Group and the Association of Global Custodians Tax Committee and has been part of the HM Treasury working group to establish the UK Tax Transparent Fund.
Lucy Smith
Tax Director
SCHRODER INVESTMENT MANAGEMENT
Lucy Smith is a Tax Director at Schroder Investment Management Ltd, where her role involves advising the business on a wide range of tax matters affecting the product ranges and their investors. She has worked in the asset management sector for around 15 years, having worked previously at Deloitte and Threadneedle Asset Management, and between 2000 and 2002 was seconded as Tax Adviser to AUTIF (now the IMA).
Robin Deans
Tax Department
JP MORGAN ASSET MANAGEMENT
Robin has over 15 years tax experience in taxation of funds and fund
management and has been with JPMorgan Asset Management covering UK and European taxation matters on funds and fund management companies since 2000. He is a member of the EFAMA working group that has been liaising with US Treasury and IRS to tryand achieve FATCA provisions that are proportionate and practical for the funds industry to implement.
Suzi Edwards
Senior Manager
DELOITTE
Suzi Edwards is a Senior Manager in the Deloitte Stamp Tax Consultancy advising the capital markets, asset managers and their service providers across all UK stamp taxes, and the unilateral and EU wide financial transaction taxes. Since 2009 she has focused on providing UK and non UK stamp tax advice on in specie transitions into, out of, and between global fund structures and umbrella fund cross border reconstructions aided by a strong global network of local Deloitte tax and regulatory experts. Recent projects have included supporting clients with advice and implementation assistance on UK, Irish and US unit trust, UK OEIC, Irish VCIC and Luxembourg SICAV umbrella (sub) fund partitions, mergers, amalgamations and investor integrations. Suzi worked with HMT and HMRC as part of the UK tax transparent fund working group committee and is a member of the CIOT stamp tax practitioners group.
Jorge Morley-Smith
Head of Tax
IMA
Jorge joined the Investment Management Association as Head of Tax in November 2011. Before this Jorge worked in the investment tax team at Deloitte in London and has 13 years of experience advising UK and overseas fund managers in a range of international tax issues. Jorge leads IMA’s work on all tax matters.
Teresa Owusu-Adjei
Partner, Asset Management Tax
PwC
Teresa is an Asset Management Tax Partner at PwC and has over seventeen years of experience advising on tax issues affecting global investment managers and their investment products. Teresa advises financial services groups on tax matters in relation to the structuring of both onshore and offshore products. Her experience includes advising on tax issues to products aimed at the retail, institutional, hedge fund and private equity sectors of the investment management industry. Teresa has taken a particular interest in the development of EU case law as it affects the financial services industry in Europe and has helped clients obtain tax refunds on a number of EU discriminatory areas including taxation of dividends, withholding taxes, capital allowances and group relief. Teresa has written articles and spoken at conferences on issues affecting asset managers such as product structuring, tax discrimination, transfer pricing, and the UCITS IV and the EU Savings Directives.
Cathryn Vanderspar
Tax Partner
BERWIN LEIGHTON PAISNER
Cathryn Vanderspar has been a tax Partner at BLP for over 12 years. She has extensive experience in structuring real estate transactions and funds. Cathryn has been very actively involved in new product development in both HMRC and industry working groups as well as for clients. In particular she has been involved throughout the development of the UK REIT regime including the recent rewrite of the legislation and in the development of the new Property Authorised Investment Funds. Cathryn is a member of the tax committees of BPF’s REITs group and of ARAS. She is also a member of the IPF Residential Focus Group and the author of the REITs’ chapter in Tolley’s Taxation of Collective Investments.
Richard Iferenta
Partner, Financial Services Indirect Tax Practice
KPMG
Richard heads up KPMG’s Global Financial Services VAT Network. A key focus for Richard is working with KPMG firms’ international financial services clients to advise on the potential impact of VAT on their global operations and he has led a number of global projects for financial services groupswhich have helped deliver VAT savings and operational efficiencies as well as enhance VAT compliance.
Stuart Chalcraft
Associate Partner
ERNST & YOUNG
Stuart is an Associate Partner at Ernst & Young, specialising in tax for asset management. He has over 15 years experience in advising a wide range of clients from global asset managers and their funds through to private equity houses and hedge fund managers. Stuart is Ernst & Young’s FATCA leader for tax for asset management across EMEIA and for the last 2 years has worked with many global asset managers to assess and address the impact of FATCA.
Nathan Hall
Associate Partner
KPMG
Nathan Hall joined KPMG’s Financial Services tax team in 2000. From 2002 spent over eighteen months on secondment to the IMA as tax adviser and secretary to the SORP working group. He now advises UK investment managers on corporation tax and on structuring investment products. He has served on the IMA’s tax committee and represents the UK on KPMG’s Global Investment Management and Funds tax network. He was part of the team that prepared KPMG’s two recent reports for the IMA on Taxation and the Competitiveness of UK Funds and The Value to the UK Economy of UK-Domiciled Authorised Investment Funds. He is involved in the working groups and discussions that have taken place with HM Treasury and HMRC subsequent to these reports.
Event Description
An insightful review of major developments for the Funds and Collective Investment Industry