Tax
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”
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?