Tax
PWC swoops for KPMG tax specialist
PWC has hired tax specialist Daniel Dzenkowski from rival consultancy firm KPMG.
Osborne unveils tax changes and pensions overhaul
George Osborne unveiled a raft of tax changes in the 2014 Budget which he claimed made Britain “the most competitive business tax regime in Europe”
Editor's comment: Pressing the advantage home
Prime Minister David Cameron told the nation “money is no object” when he declared the recent floods a national emergency and staked his personal authority on rebuilding damaged UK regions to make them more resilient to extreme weather.
Insurers doubtful government will approve VAT waiver for flood repairs
Business secretary calls for VAT on flood renovation and repairs to be cut to 5%.
VAT waiver for flood victims could be a boon for insurers
Insurers could see lower claims costs from the recent flooding if the government decides to apply a reduced rate of VAT to renovation and repairs for affected properties, according to accountancy firm Baker Tilly.
KPMG promotes Daly to global insurance tax lead
KPMG International has appointed Brian Daly as global insurance tax lead.
DVLA cuts insurance checks on tax renewals
Motorists will no longer need motor insurance policies to be checked when getting their vehicle tax after changes by the Driver and Vehicle Licensing Agency.
Rules targeting non-UK tax residency to impact minority of Lloyd's members
New Lloyd’s rules on tax residency are likely to affect less than 10% of members, according to sources.
Compulsory licences for security firms present opportunity for insurers
New rules mandating licenses for private security firm could create opportunities for insurers, according to Dave Humphries director of partnerships and interventions at the Security Industry Authority.
Insurance Europe calls for global approach to tax evasion
Insurance Europe has welcomed efforts by the Organisation for Economic Co-Operation and Development to develop a global standardised solution for tax information exchange.
Redomiciling: Insurer’s paradise?
With continued uncertainty over Solvency II, could more firms be tempted to follow the lead of Randall & Quilter and split their tax and regulatory domiciles?
Insurers in the dark over how pensions deficit input will impact levies
Insurers are unlikely to find out how much of an impact a £200m pensions deficit left over from the Financial Services Authority will have on their individual levies, in spite of changes to plans that will see them contribute more.
Lloyd’s names high tax as top European business threat
European executives are risking short-termism according to Lloyd’s chief executive Richard Ward, with high taxation now seen as the number one threat to European business.
Tax-avoidance crackdown could see PI insurers hit with third-party claims
HMRC tax workaround enquiries focusing on individuals as well as corporations.
Editor's comment: Can insurers avoid tax trouble?
During this period of austerity, tax avoidance has turned into a major political issue, with Prime Minister David Cameron making it a key topic at the recent G8 summit of leading economies held at Lough Erne, Northern Ireland.
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Financial transaction tax will have ‘significant implications’ for insurers
EU tax’s implementation date and final form unclear amid legal challenges
China's watchdog encourages PE firms to invest in insurers
China’s insurance watchdog will permit limited partnership equity investment enterprises to invest in the countries insurers, in a bid to increase the flow of private funds into the insurance industry.
Tax Avoidance: Insurers warned over tax avoidance after WHA loses appeal in NIG VAT case
VAT not recoverable in offshore scheme involving NIG, Crystal and Viscount
Regulatory uncertainty raises domicile questions
Splitting tax domiciles and regulators could be an enticing prospect for insurance groups looking to avoid the European Union’s Solvency II regulations.
Guernsey and Hong Kong sign double taxation agreement
Guernsey has signed a double taxation arrangement with Hong Kong, taking the number of jurisdictions it has full DTAs in place with to seven.
Insurance Europe lobbies US over foreign reinsurer tax
Trade body Insurance Europe has written the US Congress regarding proposals to disallow a tax reduction for some foreign affiliated reinsurance premiums.
Insurance sector responds to Budget
Members of the insurance industry have responded to today's Budget.
Budget offers tax relief to SMEs as growth forecast halved
The Chancellor has announced that employers will have the first £2000 cut from their national insurance bill.