IA Tax Conference 2026: Realignment in Real-Time

As the geopolitical and economic gravity of investment shifts, we’re beginning to see the global tax landscape be reshaped in real-time, in new and unpredictable ways. The long‑standing dominance of American equities is beginning to be tested as managers seek counterweights in Europe and Asia, and this has accelerated competition for capital, influence, and strategic relevance.

At this year’s Investment Association Tax Conference - Realignment in Real-Time - we will look to explore how competing centres of power are redefining regulatory priorities, investment flows, and the future architecture of global tax policy. From US’s unpredictable exceptionalism to the EU’s increasing economic assertiveness, Asia’s geopolitical diversity and the Middle-East’s expanding owner-driven influence, the world is entering an era where alignment is no longer assumed—and realignment is happening in real time.

The Conference will be held on the 24 September in collaboration with Simmons & Simmons at Citypoint in London.

Join leading policymakers, tax specialists, and industry decision‑makers as we unpack the implications of this shifting order for investment management, multinational operations, and global tax strategy. This is your opportunity to understand the forces reshaping international competitiveness—and to position your organisation for the next phase of global economic realignment.

Subject to change

08:45 Registration Breakfast

Welcome and networking over light breakfast before the day begins.

09:30 Introduction to the day

An introduction to the day’s themes, setting the tone for the discussions ahead.

• Chris Hewitt, Head of Tax, The Investment Association

09:35 Welcome Address

A welcome address from our host Simmons & Simmons and from John Owen, CEO of the Investment Association.

• Martin Shah, Partner, Simmons& Simmons
• John Owen, CEO, The Investment Association

09:45 Opening Keynote

• Helen Miller, Director, Institute for Fiscal Studies

10:00 A Burnham Budget - What to Expect from the New Government

Another year and another Autumn Budget where the UK Exchequer remains under pressure. S899 is now a distance memory while the Iran conflict continues but while the geopolitics may shift the end result remains the same .

Join us at the Investment Association Tax Conference to discuss the upcoming 2026 UK Autumn Budget. As our new Chancellor plots the next big fiscal event for the new Burnham Government hear from senior tax leaders within the industry as they look towards what developments we as an industry can expect, including lively discussion on what taxes they think will remain fixed and which are likely to rise in order for the UK to balance the books!

• Martin Shah, Senior Partner, Simmons & Simmons
• Helen Miller, Director, Institute for Fiscal Studies
• Anshita Joshi, Head of Tax - Europe, Vanguard
• Sarah Filbee, Head of Tax, Jupiter

10:30 Securities Transfer Charge

1986 - The Big Bang. And with it came the introduction of Stamp Duty Reserve Tax. The UK's attempt to remake its archaic Stamp Duty regime for the 20th century. Setting aside the removal of Schedule 19 for UK funds, these rules have been the bedrock of the UK's financial transaction tax for the better part of 40 years. But all of that is about to change with the introduction of the Government's new Securities Transfer Tax.

The Securities Transfer Tax (STT) is the UK's attempt to merge both the remnants of the old Stamp Duty regime with the newer SDRT system to form a single, coherent rulebook for the trading of UK equities.

Hear from our sector's residence authority on all things Stamp-related - Suzi Evans from Alpine Edge Consulting - as she speaks with Jez Schembri-Stothart, Head of Direct Tax for Financial Services at HM Treasury, and Policy Lead for the new STC. This session will look to cover the policy rationale for the new consolidated transaction tax, the lessons learned from the Stamp Taxes on Shares Modernisation consultation and the work of the Expert Group who have helped craft this project over the last number of years.

• Suzi Evans, Partner, Alpine Edge Consulting
• Jez Schembri-Stothart, Head of Financial Services, HM Treasury
• Alison Lockyer, Policy Lead, HMRC

10:50 Less Saving, more Investing within Individual Savings Accounts

• Martin Killer, Partner, Grant Thornton
• Mark Pickard, Head of Savings Policy, HMRC

11:10 Morning Networking Break

Refreshments and networking.

11:45 Supplies Within Supply Chains - Guidelines for Compliance & Fund Management

HMRC Update: Financial Services VAT guidance

VAT continues to be a key area of focus for the asset management industry, with firms navigating evolving guidance, changing interpretations and increasing scrutiny of fund-related services. This panel will discuss the soon to be released Guidelines for Compliance on supplies of Fund Management and how HMRC will look to assess those supplies going forward. Hear from the author of this soon-to-be released document Daniel Taylor, Assistant Director for Financial Services VAT at HMRC.

• Dan Evans, Partner, PwC
• Daniel Taylor, Head of Financial Services VAT, HMRC

12:20 VAT in Fund Management

After nearly two years of upheaval in the Fund Management VAT space we may be nearing a period of relative tranquillity.

HMRC are on the verge of publishing a new Guidance for Compliance documents on gov.uk in respect of supplies of Fund Management setting out their approach to contracting positions for Sub-Delegation, Fund Accounting, Custody and Middle Office. Meanwhile the near finalised version of HMRC's new Guidance on the Fund Management VAT exemption has been agreed with the Finance Liaison Group's Sub-Group on Item 9 & 10 and this will act as the foundation for HMRC's approach to the exemption going forward.

As part of this session hear from those who were involved in the work of the Sub-Group and how they worked with HMRC counterparts to set out the industry's understanding of the VAT exemption and how it can be applied to common commercial arrangements across the funds sector. Also hear from HMRC on how they approached the project and what their goals for revamping their Guidance were and when we can expect it to be released publicly on gov.uk.

• Jo Crookshank, Partner, Simmons & Simmons
• Gabby Donald, VAT Director, BNY
• David Currie, Tax Director, BlackRock
• Daniel Taylor, Head of Financial Services VAT, HMRC
• Alan Paterson, Head of Indirect and Operational Taxes, aberdeen

12:50 Lunch

13:50 Switzerland: Past Challenges and Future Direction

This session will provide an update on the ongoing beneficial ownership challenges affecting access to Swiss treaty relief and discuss recent engagement between industry representatives, the Swiss Tax Administration and HMRC. Speakers will reflect on the progress made to date, the key issues that remain, and the prospects for potential alternatives.

• Ross Henderson, Tax Solutions Commercial Director, SP Global
• Lucy Smith, Schroders

14:20 MikaDiv: The Tax World Before FASTER: Preparing for MiKaDiv: Turning Regulatory Change into Operational Resilience

Germany’s MiKaDiv requirements will significantly reshape the way financial institutions manage capital gains tax
processes and reporting. This session examines the operational impact of MiKaDiv and shows how digitalization,
automation, and modern technology can support compliant, efficient, and future-ready tax operations.

• Mariano Giralt, RAQUEST

14:40 TAXUD & Europe's Independence Moment

This session will provide a senior policymaker’s perspective on the EU’s current Tax Policy priorities and future direction. The discussion will cover key initiatives such as FASTER, the DAC recast and the Tax Omnibus proposals and broader efforts to enhance competitiveness, reduce administrative burdens and strengthen the Single Market, while examining what these developments mean for the asset management industry.

• Benjamin Angel, Director General TAXUD, EU Commission

15:00 Panel - Operational Taxes

This panel will discuss the key challenges currently facing firms, share practical experiences from across the industry, and consider what lies ahead for operational taxes in an increasingly complex global environment from withholding taxes to cross-border reporting obligations.

• Tom Daffern, Tax Director, PwC
• Rachel Vandevord, Head of Product Tac, Vanguard
• Benjamin Angel, Director General TAXUD, EU Commission

15:30 Afternoon networking break

16:05 Rethinking Fund distributions

Taxation drives fund design, and unfortunately the UK has one of the most complicated tax systems in the world - one which, for the moment at least - taxes Income differently from Capital Gains. That distinction has for decades meant that UK authorised investment funds have to distribute all of their net income annually.
Meanwhile as the DC Pension market matures there is an increasing need for Investment Funds to cater for a range of Income needs for their investors as they now approach their retirement.
Hear how the Investment Association's Retirement Income Committee has been working with the FCA within existing COLL regulations to investigate how UK funds can distribute capital in order to facilitate stable income. How Investment Funds are uniquely placed to navigate market instability to provide offer guaranteed retirement income and how managers can get comfortable that the FCA are comfortable with capital distributions potentially eating into investors capital base.
Meanwhile as the DC Pension market matures there is an increasing need for Investment Funds to cater for a range of Income needs for their investors as they now approach their retirement.

Hear how the Investment Association's Retirement Income Committee has been working with both the FCA and HMRC within existing COLL and Authorised Investment Funds Regulations to allow for UK funds to distribute capital in order to facilitate stable income, how Investment Funds are uniquely placed to navigate market instability to provide offer guaranteed retirement income and how managers can get comfortable that the FCA are comfortable with capital distributions potentially eating into investors capital base.

• Imran Razvi, Senior Policy Advisor, The Investment Association
• Richard Parkin, Head of UK Retirement, T Rowe Price

16:30 Fund Tokenisation in Practise

This session will explore how fund tokenisation is moving from concept to practical implementation, including the launch of the UK’s first tokenised OEIC and the steps needed to support wider market adoption. The recent report on Digital Markets by Chris Woolard is a clear example of the growing importance of tokenisation across the financial sector, including for funds and the wider asset management industry, highlighting its potential to support more flexible product design, digital distribution and scalable market infrastructure.

• John Allan, Head of Innovation, The Investment Association
• Roger Exwood, Group Tax Expert, Picket
• David Wren, Partner, KPMG

16:55 Closing Remarks

• Chris Hewitt, Head of Tax, The Investment Association

17:00 Networking drinks

Informal drinks and networking to close the day.

18:00 Event ends

Alan Paterson, Head of Indirect Tax, aberdeen

Alan Paterson is the Head of Indirect and Operational Taxes at aberdeen having been with the company for the last eight years.

Alan graduated from Sheffield University with a Masters Degree in Mathematics and subsequently qualified as a Chartered Tax Adviser at PwC in Edinburgh. Over a thirteen year career at PwC in London and Sydney, Alan worked with a broad range of Financial Services clients on VAT, GST and other indirect tax matters

Alan is the current Chair of the IA VAT Committee, and has spent recent months in that role engaging with both HM Treasury and HMRC around the conclusion of the Investment Management VAT Review. Alan is a member of the EFAMA VAT Taskforce.

Anshita Joshi, Head of Tax – Europe, Vanguard

Anshita Joshi is Head of Tax for Europe at Vanguard, responsible for leading tax strategy, governance, and risk management across the Vanguard European Group and its managed funds. She joined Vanguard in April 2025, following seven years at the Investment Association as Director of Risk and Tax, where she shaped policy on UK, EU, and international tax and regulatory matters impacting the investment management industry. Prior to that, Anshita spent over a decade at PwC in asset management tax roles across the UK and India. With over 20 years of experience, Anshita brings deep technical expertise and a global perspective to her work. She is an active contributor to industry dialogue through technical and policy-focused working groups.

Benjamin Angel, Director for ‘direct taxation, tax coordination, economic analysis and evaluation’, DG TAXUD

His career includes positions as Director for indirect taxation (DG TAXUD), Director for the Treasury and financial operations (DG ECFIN), Director for the economies of the Member States (DG ECFIN), Head of unit for financial institutions and stability mechanisms (DG ECFIN). He is a former member of the cabinet of three Commissioners for economic and monetary affairs (Yves-Thibault de Silguy, Pedro Solbes and Joaquin Almunia). He has a master’s in business administration from HEC Paris, a master’s in public administration from Sciences-Po Paris, a master’s in political science (University Paris Assas) and a PhD in law (University Paris Assas).

Chris Hewitt, Head of Tax, The Investment Association

Chris is the Head of Tax at the Investment Association.  He has worked at the UK Investment Management trade body since 2020.  His role includes responsibility for all tax-related policy areas of the organisation; including Withholding Taxes, VAT, Corporation Tax, Stamp, Capital Gains Tax and he supports on wider product related initiatives like Individual Savings Accounts, Pensions, Tokenisation and UK Investment Funds.

Dan Evans, Partner, PwC

Daniel Evans is a Partner who joined PwC’s VAT practice in 2004 and leads PwC’s VAT services in the Asset and Wealth Management sector. He is a prizewinning member of the Chartered Institute of Tax and an active member of the Investment Association’s VAT Committee.

Supporting a substantial number of businesses across the financial services sectors, primarily in Asset Management and Pensions, Daniel advises multinational mainstream asset managers, UK focussed wealth and alternatives managers and acts for many of the UK’s largest pension schemes. This includes overseeing the delivery of managed services and end-to-end compliance services across many of these clients.

Daniel has been involved in negotiations with HMRC in relation to the evolving policy regarding VAT and pensions, and has applied this knowledge in implementing efficient and agreed solutions to the VAT challenges faced by pension schemes.

His extensive network and knowledge of VAT in the asset management sector allows Daniel to provide commercial and robust advice. Areas of particular experience include the application of VAT exemptions for asset management businesses, international structuring, VAT in transactions and alternative investments made by pension schemes.

David Currie, Global Head of Indirect Tax and Deputy Global Head of Transfer Pricing, BlackRock

David Currie is BlackRock's Global Head of Indirect Tax and Deputy Global Head of Transfer Pricing.

David is a member of the Institute of Chartered Accountants of Scotland ("ICAS"), a Fellow member of the Chartered Institute of Taxation ("CIOT") and has a postgraduate MSc by Research (Taxation) degree from The University of Birmingham for his dissertation on 'The VAT exemption for the management of Special Investment Funds: a review of their design, impact and alternatives'.

David is a member of Investment Association’s (“IA”) VAT Committee and Tax Strategy Group, the European Fund and Asset Management Association’s (“EFAMA”) VAT Task Force , the Irish Funds VAT Working Group, and the ICAS Tax Board.

David Wren, Partner - Operational Tax, KPMG

David has worked in operational taxes and information reporting for 20 years. His work includes tax policy, business change and implementation of technology, through to reporting, remediation, and engagement with tax authorities. He has extensive experience of implementing tax technology for reporting, governance, and reconciliation purposes.

David advises on a wide range of operational tax issues, including all aspects of Automatic Exchange of Information for banks, asset managers, digital platforms and cryptocurrency, withholding taxes under the US QI regime, international reclaims and reporting, and domestic regimes in the UK including savings and pensions.

David leads the UK’s Financial Services work on anti-tax evasion and the UK’s Corporate Criminal Offence requirements and supports clients with developing risk mitigation and control frameworks to manage both customer tax evasion and tax avoidance risks.

David has an increasing focus on new reporting regimes including crypto assets, withholding taxes and fintechs as well as the role of the financial services sector in successful anti-tax evasion.

Helen Miller, The Institute of Fiscal Studies

Helen joined the IFS in 2007. She has almost two decades of experience analysing UK fiscal policy and providing trusted advice to policymakers.

Her work has been published in top peer reviewed journals and covered across all main media outlets. She is an excellent and experienced media commentator. She has served as a trustee to the Royal Economic Society.

Jo Crookshank, Partner, Simmons & Simmons LLP

Jo leads the firm’s indirect tax financial services advisory practice and is also the lead tax partner for a number of financial services clients, including some of the world’s leading banks and investment advisers. She has more than 20 years of experience advising clients on complex domestic and cross-border tax issues, including thirteen years at a Big Four practice prior to joining Simmons & Simmons.

Martin Killer, Partner, Financial Services Tax, Grant Thornton UK Advisory & Tax LLP

Martin is an experienced tax partner with a demonstrated history of working in the financial services industry, advising banks, fund managers and insurance companies on operational taxes. Martin is a qualified chartered accountant. He is a leading advisor on FATCA, CRS, Qualified Intermediary and other information reporting regimes both within the UK and internationally including ISA, BBSI and OI requirements.

Martin has worked with a range of wealth and asset managers and stockbrokers, advising them on compliance in relation to global operational tax regimes, undertaking transaction due diligence, compliance reviews, implementation workshops and technical training. He also advises institutions on withholding tax reclaims and other transactional taxes impacting products and trading strategies.

Martin holds relationships with key personnel at HMRC and IRS, and financial trade bodies dealing with the implementation and ongoing monitoring of operational tax regimes.

Prior to joining Grant Thornton, Martin spent 21 years at two of the Big Four firms in their financial services tax practices advising on a range of tax issues in the UK and internationally. Martin previously led a compliance team within a global financial institution’s FATCA implementation programme.

Martin Shah, Partner, Simmons & Simmons

Martin Shah is a Partner in the corporate tax team at Simmons and leads the financial services tax practice. Martin’s broad-based practice encompasses advisory, transactional and disputes work, with an emphasis on clients in the asset management and investment funds sector. His focus includes advising on funds and other investment products, together with structural tax issues for banking, asset management and insurance clients. He also has extensive experience advising on tax issues arising from mergers and acquisitions, restructurings, integrations and spin-outs in the investment management and wealth management space. Martin is a member of the Tax Committee of the Law Society of England and Wales and chairs its VAT and Duties Sub-Committee. Clients praise him as “incredibly well rounded” and “extremely commercial'.

Rachel Vandervord, Head of Product Tax Europe, Vanguard

Rachel is European Product Tax Lead at Vanguard and has >10 years of experience within asset management tax. Rachel maintains responsibility for all tax matters impacting the Vanguard European fund range, providing strategic support on product launches and changes, as well as becoming heavily involved in operational taxes management. Before joining Vanguard, Rachel was a manager in the asset management tax team at Deloitte, specializing in investor tax reporting.

Roger Exwood, Group Tax Expert, Pictet Asset Management

Roger has worked in asset management taxation since 1994. In roles for Deutsche Asset Management, UBS Asset Management, BlackRock and now Pictet Asset Management he has particularly focussed on product taxation (for both listed and private assets) , but also covered corporate, VAT and M&A tax aspects. He has held regional responsibility for Europe, Asia and Latin America. He has a long standing involvement in tax public policy work, covering issues round the world and working in particular with EFAMA, where has was chair of the tax committee for many years.

Suzi Evans, Managing Director, Alpine Edge Consulting

Suzi is a recognised expert in international transfer taxes such as UK stamp duty, stamp duty reserve tax and similar regimes overseas as they apply to the financial services industry. With over 20 years "Big 4" experience in London, Birmingham and Luxembourg, Suzi now runs her own consulting firm, Alpine Edge. With a deep specialism in global investment structures, Suzi’s work focusses on supporting institutional investors, investment managers, custodians and other asset servicers with in kind transitions such as complex (cross border) fund reconstructions and investor product switches. Suzi participated in the design of the UK Authorised Contractual Scheme and continues to support HMRC and HMT with the design of new UK Stamp Taxes on Shares and the IA tokenisation of funds initiative. As an active member of the UK Chartered Institute of Tax Advisors (CIOT), Suzi is a global conference speaker, published author and a member of both the UK Government’s Stamp Taxes on Shares Working Group and CIOT Stamp Tax Practitioners Group.

Thomas Daffern, Tax Director, PwC United Kingdom

Tom has been a Director in the PwC Asset & Wealth Management Tax team since 2022, specialising in operational taxes matters impacting investment funds, managers, custodians and investors.

Prior to that, Tom was the Head of UBS Asset Management Tax – EMEA. The EMEA Head of Tax position covered all operational tax matters globally for over 500 funds domiciled principally in Ireland, Luxembourg, Switzerland, and the UK. This included European investor tax reporting and technical analysis across all key investment jurisdictions for withholding tax, capital gains and transactions taxes.

Tom joined UBS in September 2018 and prior to that, he worked as an investment funds tax specialist at Northern Trust and Aviva Investors. Tom has been a Chartered Accountant for over 10 years and is a member of the Tax Committee at the UK Investment Association.

This conference is designed for senior professionals and specialists involved in tax, regulation, and investment strategy, including:

• Heads of Tax and senior tax professionals within asset and investment management firms
• Tax advisors, consultants, and legal professionals specialising in financial services
• CFOs, finance directors, and senior finance leaders
• Regulatory and compliance professionals
• Policymakers and representatives from government and industry bodies
• Institutional investors and stakeholders with an interest in global tax developments

Whether you are shaping tax strategy, advising clients, or navigating regulatory change, this conference will provide the insights and connections needed to operate effectively in a rapidly realigning global landscape.

In a world where global investment flows and tax frameworks are shifting faster than ever, the Investment Association Annual Tax Conference 2026 offers a timely and essential forum to stay ahead. Under the theme Realignment in Real-Time, this year’s conference will unpack how geopolitical change is actively reshaping the tax landscape across major financial centres.

Attend to:

• Understand global shifts – Explore how the evolving balance between the US, EU, Asia, and the Middle East is transforming tax policy, regulatory priorities, and investment strategies.
• Gain strategic insight – Hear directly from policymakers and industry leaders on how to respond to emerging risks, opportunities, and competitive pressures.
• Stay ahead of regulation – Keep up to date with the latest international tax developments affecting investment management and multinational operations.
• Learn from experts – Benefit from practical perspectives shared by leading tax specialists and decision-makers.
• Network with peers – Connect with senior professionals across the investment and tax ecosystem facing similar challenges.

This is a critical opportunity to deepen your understanding of the forces driving global economic realignment—and what they mean for your organisation.

Standard Rate - valid from 6 May 2026

• Non-members: £405 + VAT
• IA Members: £285 + VAT

Specials 

• Group discount: use the promotional code GROUP for 20% discount on bookings of five or more.
• CEOs IA Full Members: Free (to receive your access code, please contact events@theia.org)

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Gold Partner