Tax
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.
Westinsure boss Erwin mulling over appeal on 20% tax ruling
Westinure is considering an appeal against a ruling upheld by the First-tier Tribunal stating that broker networks that provide better deals via larger insurers must charge members full UK VAT at 20%.
FTT ruling triggers 20% tax implications for brokers
Networks that enable broker members to gain access to better terms with larger insurers must charge full UK VAT at 20%, the First-tier Tribunal ruled yesterday.
Guernsey regulator recruits Central Bank of Ireland risk boss
Guernsey’s financial services regulator has swooped for its new director general, recruiting the Central Bank of Ireland’s head of risk.
Efra chair pushes alternative flood-risk proposal as SoP pressure mounts
The possibility of using a proportion of insurance premium tax to subsidise a pool of last resort for flood-prone homeowners has been championed by the chair of the Environment, Food and Rural Affairs Committee.
Challenges and opportunities abound in 2013
Against the backdrop of a challenging economic climate and continued uncertainty over both the timescales for implementation of European regulation and varied national approaches to the adoption of it, European insurers face a number of critical…
Premium taxes soar across Europe
Insurance premium taxes are rising all over Europe as pressure from finance deficits and a worsening economic outlook hits home, according to the Insurance Underwriting Association.