Tax
Budget 2016: Corporate tax changes aimed at banks could impact insurers offsetting losses
Insurers hit by rises in claims as a result of the recent floods and increases in insurance premium taxes will also now face corporate tax changes that will affect them offsetting losses.
Budget 2016: Insurers could be hit with higher tax under losses restriction
Firms with profits over £5m will be restricted in the amount of taxable profits they can offset as losses carried forward, according to an announcement in yesterday’s (16 March) Budget.
Editor's comment: Not an easy target
While insurers are busy trying to inform customers that the sector is not an easy target for fraud there are fears that it is becoming an easy target for the government to make money instead.
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
ABI warns against further IPT hike in March budget as home premiums rise 3.1% in three months
The Association of British Insurers has warned the government against rolling out a further rise in insurance premium tax in the Chancellor’s upcoming budget, as independent research reveals a 3.1% rise in home premiums in three months.
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
Motor rates accelerate as government's IPT hike is rolled out
The government’s introduction of higher insurance premium tax last month has served to accelerate average annual best buy motor policy deals by 10.9% to £696, according to market research conducted by Consumer Intelligence.
Household premium falls continue but tax rise could see reversal
Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
Tax costs could rise for UK insurers after European Commission cancels review
An ongoing review abandoned by the European Commission on Wednesday (28 October) could increase the tax burden for UK insurers.
ABI defends position on diverted profits tax after Insurer Nation criticism
The Association of British insurers has defended its actions on diverted profits tax after coming in from criticism from insurers.
Legal update: Beware the IPT trap
The November IPT hike might push businesses toward underinsurance, fears Helen Devery
The ABI says the worst has been avoided in BEPS reforms
The Association of British Insurers says the revision of international tax rules could have had unintended consequences on insurers but its proposals helped avoid the worst.
Europe: Lure of Liechtenstein
Liechtenstein has more companies than citizens, but are UK insurers keen to join its corporate club?
C-Suite - Broker: Sending a message
Attacks on honest motorists need to stop – and a strong message needs to be sent to fraudsters.
How insurers can get ready for the Fourth Anti-Money Laundering Directive
The Fourth Anti-Money Laundering Directive applies to a range of businesses, including insurers. After its formal adoption in June, European Union member states now have two years to implement the new rules into national law.
Admiral calls for fixed IPT levy to level playing field
Admiral has called for a fixed insurance premium tax levy, saying the way the tax is currently collected punishes those who can least afford it.
UK insurer CEOs lament IPT hike as H1 results are squeezed
Industry CEOs have criticised the government’s "regressive" decision to increase insurance premium tax, but have dismissed the tax hike represents a disconnect from government, amid widespread profit drops and combined operating ratio deterioration at…
HMRC to allow estimation of new IPT levels to ease back-office stress
Insurers are to be given a temporary relaxation in how they file their insurance premium tax returns to HM Revenue and Customs after Chancellor of the Exchequer George Osborne increased IPT by 56% in the July Budget.
IPT increase to be passed on to policyholders warns ABI's Shepherd
The Association of British Insurers has warned price hikes as a result of the increase in insurance premium tax are inevitable as its quarterly average household premium tracker showed a further fall in the cost of home insurance.
IPT exemption for young drivers and SMEs gains industry support
Moves by the British Insurance Brokers’ Association to secure an exemption for young drivers and SMEs from the insurance premium tax hike have been welcomed by the industry, amid fears increased motor premiums could tempt youngsters to drive uninsured.
Consumers considering cutting coverage in wake of IPT rise
The government’s decision to hike insurance premium tax will trigger a surge in customers moving to new providers and cutting back on or cancelling policies, according to research by Consumer Intelligence.
IUA warns insurers over imminent tax changes
The International Underwriting Association has warned that the insurance industry will be affected by a global reform of tax systems.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
Consumers bear the brunt of IPT hike amid fears of further increases
Policyholders look likely to foot the bill for a 56% increase in insurance premium tax, but fears have been raised that the government could look to squeeze the already competitive market further by bringing UK IPT into line with Europe.