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Preheat the oven to 350°F. Grease and flour a 10-inch fluted tube pan.
Cream the butter and sugar until light and fluffy, five to seven minutes. Beat in the vanilla. Add the eggs, one at a time, beating well after each addition. In another bowl, whisk together the flour, baking powder and baking soda. Add to the creamed mixture alternately with the buttermilk (the batter will be thick). Transfer to the prepared cake pan.
Bake until a toothpick inserted in the center comes out clean, 45 to 50 minutes. Cool in the pan for 10 minutes before removing to a wire rack to cool completely.
In a small saucepan, combine the butter, brown sugar and cream. Bring to a boil over medium heat, stirring constantly. Remove from the heat and cool for 5 to 10 minutes. Gradually beat in the confectioners' sugar. Spoon the icing over the cake.