The ICAEW disciplinary hearing centred around an alleged breach of the ICAEW Code of Ethics for accountants by David Hannah ACA, chairman of Cornerstone Tax UK, a specialist property tax advisory firm.

The breach related to a property transaction and use of a tax arrangement which took place between 26 September 2011 and 12 October 2011.

After a two-day hearing, the tribunal excluded Hannah from membership of ICAEW, severely reprimanded him and he was ordered to pay ICAEW’s costs totalling £40,321. However, due to the imposition of ‘substantial’ costs, the tribunal did not impose any penalties.

Hannah, who did not attend the disciplinary hearing, says he is no longer a member of ICAEW and strongly contested ICAEW's decision and processes.