Tax
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.
Lure of Liechtenstein questioned as reports of insurer interest surface
The Liechtenstein financial regulator has flagged an uptick in insurance companies looking to establish a presence in the principality despite analyst scepticism about the benefit of the territory as an outpost for UK insurers.
Working group touted to tackle Gibraltar VAT loophole frustration
Insurer frustration around the differing VAT rates incurred by UK and Gibraltar-based firms has led to calls for an industry working party to lobby government to level the playing field.
Polish ECJ referral reignites possible UK liability to EU VAT on outsourcing
A case referred by Poland to the European Court of Justice is expected to reignite the UK insurance market’s potential liability to EU VAT on its back-office administration, which could cost the industry millions.
Regional Review: Belfast
For a community that has been forced to overcome more than its fair share of troubles in the last century, members of Belfast’s general insurance market may be forgiven for being cautious with their optimism regarding the future prosperity of the sector…
Blog: Private sector pain for brokers part of the price of peace in Northern Ireland
It is almost 17 years to the day since the Good Friday Agreement brought an end to 30 years of sectarian conflict in Northern Ireland, yet the lasting legacy of ‘The Troubles’ continues to have a profound effect on the local economy and the general…
PWC insurance tax expert not expecting budget surprises
PWC's insurance tax leader has told the sector not to expect any major concessions in next week's Budget.
Political Interview: Ian Swales: Make your voice heard
In the third of Post’s political interviews, Liberal Democrat Treasury spokesman Ian Swales speaks out on the importance of the European Union and why the insurance industry must learn to shout
UK-based multinationals face VAT hike after HMRC decision
UK-based multinational insurers face a hike in their VAT bill from 1 January 2016 following a ruling by HM Revenue and Customs.
Bermuda ‘surprised and disappointed' by Miliband tax comments
The Government of Bermuda is "surprised and disappointed" that the island has been included in the list of referenced territories which lack openness in such areas as ultimate beneficial ownership of companies.
Malaysia's premiums subject to new tax
All general insurance premiums will be subject to 6% goods and services tax from 1 April.
IUA to issue IPT guidance as rates continue to rise across Europe
The International Underwriting Association is preparing to launch an online information service providing monthly updates on insurance premium tax following a rise in the levy across Europe last year.
Insurance Europe hopeful IMD II will not burden insurers
The final revised text of the second edition of the Insurance Mediation Directive should result in a solution that both benefits policyholders and is not unnecessarily burdensome for the insurance industry, according to Insurance Europe.
Trade Voice: A taxing time for MGAs
A few years ago HM Revenue and Customs ran an advert with the slogan ‘Tax doesn’t have to be taxing’. However, for managing general agents, this may not necessarily ring true.
BP Marsh increases pre-tax profit to £1.7m for H1
Niche venture capital provider B.P. Marsh & Partners, posted unaudited profit after tax of £1.7m for the six months to 31 July 2014.
Brokers urged to consider 'special method' for VAT calculation
Brokers could be missing out on sizable savings by using the standard model for calculating their VAT liaiblity, according to PFK Littlejohn tax partner Luigi Lungarella.
Insurers face major restructuring or increase in VAT after ECJ tax decision
European Court of Justice ruled that offshore entities should be subject to VAT
Editor's comment: A taxing sting in the tail
As Benjamin Franklin said, only two things in life are certain: death and taxes. But the latest tax decision to come from the European Court of Justice has a particularly nasty sting in the tail for the UK insurance industry.
Insurers to face 'soaring' VAT bills following ECJ ruling
A ruling from the European Court of Justice is likely to add hundreds of millions to European insurers’ VAT bills, according to tax experts.
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”