One minute with Wendy Walton, head of private clients at BDO.
What’s in your in-tray?
A real mixture. In addition to being a client facing partner, I sit on BDO’s Partnership Council and Tax Board and am also a member of STEP England and Wales Technical Committee. I am also responsible for helping to develop BDO International’s private client business. My ‘to do’ list includes reviewing some client reports, preparing for our next tax executive meeting and looking forward to a meeting with the BDO US team.
What caught your eye in the Finance Bill?
It wasn’t in the Finance Bill, but the measures relating to non-doms that were tucked away in the Budget announcements were a surprise. The potential rebasing at April 2017 is more generous than expected but should be more practical, and may discourage individuals from leaving the UK. It will be good to see the further detail in respect of the announcement made in relation to mixed funds. The rules are already overly complex and adding a further layer of rules on top may only increase that complexity. Let’s hope that the new rules will be fair and simple to apply.
The change to the rate of capital gains tax was also unexpected, as was the new investor entrepreneurs’ relief. This should encourage longer term investment into unquoted trading companies.
Comment on a recent development in private client tax that has caught your eye.
There have been many changes to the pension rules, and pensions are becoming increasingly important in estate planning. This is a tricky area on which to advise and we must ensure that our clients also seek investment advice, but it is not something that tax advisers can afford to ignore.
If you could make one change to UK tax law or practice, what would it be?
A move towards simplification, whilst taking a longer term view on overall tax policy. For example, the legislation in relation to the ownership of residential property has been introduced piecemeal. For non-residents owning residential property, they have numerous aspects to consider. The newly introduced 3% SDLT charge on second homes has added another level of complexity and we are still awaiting further detail on the changes to inheritance tax. The uncertainty may discourage investment into the sector.
Aside from your immediate colleagues, who in tax do you most admire?
Amanda Hardy QC has an ability to describe complex matters in straightforward way. She is also passionate about sponsoring and mentoring young students who are thinking of a career in law.
How do you think the tax profession will change over the next five years?
It will be really interesting to see how the digital agenda plays out. The internet has already made a significant impact on the profession in that information is readily available to all. There will be an increased emphasis on how a tax adviser can add value and how we deal with compliance and assurance must change. This will also impact on the careers of our future graduates and A-level trainees and how they will develop in the profession. The traditional routes of training are likely to change.
How important will international expertise be in the future?
There will be an increasing demand for international expertise and teams will need to be able to work across jurisdictions to provide a global solution. The introduction of the common reporting standard will mean that there will be an increase in the need for assurance services.
Finally, you might not know this about me but…
I love most forms of live music – the Reading Festival falls on our children’s birthdays (Alex, 16 and Gemma, 19) this year, so we will be spending the weekend there with them and their friends. Whilst I haven’t heard of many of the bands, I am sure it will be fun!
One minute with Wendy Walton, head of private clients at BDO.
What’s in your in-tray?
A real mixture. In addition to being a client facing partner, I sit on BDO’s Partnership Council and Tax Board and am also a member of STEP England and Wales Technical Committee. I am also responsible for helping to develop BDO International’s private client business. My ‘to do’ list includes reviewing some client reports, preparing for our next tax executive meeting and looking forward to a meeting with the BDO US team.
What caught your eye in the Finance Bill?
It wasn’t in the Finance Bill, but the measures relating to non-doms that were tucked away in the Budget announcements were a surprise. The potential rebasing at April 2017 is more generous than expected but should be more practical, and may discourage individuals from leaving the UK. It will be good to see the further detail in respect of the announcement made in relation to mixed funds. The rules are already overly complex and adding a further layer of rules on top may only increase that complexity. Let’s hope that the new rules will be fair and simple to apply.
The change to the rate of capital gains tax was also unexpected, as was the new investor entrepreneurs’ relief. This should encourage longer term investment into unquoted trading companies.
Comment on a recent development in private client tax that has caught your eye.
There have been many changes to the pension rules, and pensions are becoming increasingly important in estate planning. This is a tricky area on which to advise and we must ensure that our clients also seek investment advice, but it is not something that tax advisers can afford to ignore.
If you could make one change to UK tax law or practice, what would it be?
A move towards simplification, whilst taking a longer term view on overall tax policy. For example, the legislation in relation to the ownership of residential property has been introduced piecemeal. For non-residents owning residential property, they have numerous aspects to consider. The newly introduced 3% SDLT charge on second homes has added another level of complexity and we are still awaiting further detail on the changes to inheritance tax. The uncertainty may discourage investment into the sector.
Aside from your immediate colleagues, who in tax do you most admire?
Amanda Hardy QC has an ability to describe complex matters in straightforward way. She is also passionate about sponsoring and mentoring young students who are thinking of a career in law.
How do you think the tax profession will change over the next five years?
It will be really interesting to see how the digital agenda plays out. The internet has already made a significant impact on the profession in that information is readily available to all. There will be an increased emphasis on how a tax adviser can add value and how we deal with compliance and assurance must change. This will also impact on the careers of our future graduates and A-level trainees and how they will develop in the profession. The traditional routes of training are likely to change.
How important will international expertise be in the future?
There will be an increasing demand for international expertise and teams will need to be able to work across jurisdictions to provide a global solution. The introduction of the common reporting standard will mean that there will be an increase in the need for assurance services.
Finally, you might not know this about me but…
I love most forms of live music – the Reading Festival falls on our children’s birthdays (Alex, 16 and Gemma, 19) this year, so we will be spending the weekend there with them and their friends. Whilst I haven’t heard of many of the bands, I am sure it will be fun!
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