Foreign profits taxation changes could lead to uncertainty for some insurers - E&Y
The exemption of the foreign dividend income tax changes announced in this week's Pre Budget Report (PBR) will impact many insurance groups carrying out business in the UK, according to Ernst & Young. And this could lead to uncertainty for year end reporting purposes, especially for insurers with extensive overseas portfolio dividend holdings.
Effective from Finance Act 2009, foreign dividends will be exempt from corporation tax. Draft legislation will be circulated in December for further consultation and ultimately inclusion in Finance
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