KPMG has announced plans to launch a new tax practice in London to support US expatriates in the UK and across Europe as the “potential” for US tax reform accelerates.
The new practice, which KPMG plans to “scale up rapidly” in the next year, will focus on advising high-net-worth and ultra-high-net-worth individuals and families with US tax obligations.
Greg Limb, KPMG UK partner and global head of KPMG’s family office and private client practice, said that there has never been a “greater need” for tax guidance for the UK’s American community, as President Biden is introducing “significant changes” to the US tax system.
On 7 April 2021, the US Department of the Treasury published its ‘The Made in America Tax Plan’.
The plan proposes reforms to the Base Erosion and Anti-Abuse Tax (BEAT), Global Intangible low-tax income (GILTI) and foreign-derived intangible income (FDII) regimes introduced by the Trump Administration in 2017 as well as several other measures, including an increase in the domestic corporate tax rate to 28%.
The KPMG team will be led by Linus Ostberg, who joins as director of the US tax practice of KPMG UK’s family office and private client team.
Before joining KPMG, Ostberg was a director at Moore Global US Tax Services, following several years as a senior tax manager at Deloitte US working in both the UK and the US.
KPMG said it will look to expand this new team quickly given the “rising demand”.
Ostberg said: “This is the right move at the right time for our firm. We’re going to actively recruit over the next year to quickly scale the team and further bolster the suite of services that we offer to our clients.”
SOurced form Accountancy Today - written by Laura Mcguire