New CIOT President: tax avoidance schemes to be ‘stamped out’

The new president of the Chartered Institute of Taxation (CIOT), Peter Rayney, will state that tax avoidance schemes are going to be ‘stamped out,’ in his inaugural speech

Peter Rayney will accept the badge of office from outgoing president Glyn Fullelove, Susan Ball will take over from Peter as deputy president and Gary Ashford will take over from Susan as vice president, at an online handover ceremony this afternoon between 16.35 and 17.00.

In his inaugural speech Rayney praised Institute staff, volunteers and outgoing president Glyn Fullelove for their response to the coronavirus pandemic, thanking the Institute’s leaders for having ‘steered us through a potentially perilous year’.

He said that while he ‘can’t wait’ for physical branch meetings to restart the Institute should respond to the success of its online seminars and debates by keeping these going beyond the pandemic.

The president also promised that the Institute’s continuing support to government and parliament in their deliberations on tax reform.

Peter Rayney, CIOT president, said: ‘2020 has been a year of tragedy, upheaval and uncertainty. But our profession is robust and our Institute remains strong.

‘Our work has never been more necessary. I am very thankful to have a wise and enthusiastic presidential team working with me – Susan Ball, Gary Ashford and, of course, Glyn as immediate past president.

‘I am proud that, for the next 18 months, I will be leading the CIOT as your 56th President.’

He will also welcome last week’s government proposal that all tax advisers should be required to have professional indemnity insurance - as professional body members already do – to provide basic protection for their clients.

Peter Rayney currently practices as an independent tax consultant. His main specialisms are corporate tax, company reorganisations, corporate finance tax (including company sales and acquisitions) stamp duty land tax (SDLT), inheritance tax (IHT) and all aspects of owner managed business taxation.

Peter worked at BDO LLP for nearly 20 years, acting most recently as their national tax technical partner.

He is a widely-recognised tax author and lecturer and regularly contributes to the professional press, including regular contributions to Accountancy Daily.

He has won Taxation's 'Tax Writer of the Year' award an unprecedented three times in 2002, 2014 and 2018. He is a past chair of the ICAEW Tax Faculty’s Technical Committee.

Usually the presidential handover takes place in May, as part of the Institute’s annual general meeting, and presidents serve a 12 month term.

However this year, due to the disruption caused by Covid-19, it was agreed that Glyn Fullelove would extend his term of office to serve 18 months, with Peter Rayney taking over in November 2020 and also serving 18 months, handing over to his successor in May 2022.

This year’s CIOT AGM took place online on 28 July.

Useful links:

Peter Rayney’s full speech is available here or on request.

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