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ABI response to new business Government forum on tax

Responding to the Chancellor's speech today announcing plans to form a new working group to look at the long-term challenges facing the UK tax system, the ABI's Director of Taxation, Peter Vipond, said:

"While tax is only one of a number of issues facing financial services and other businesses in the current economic climate, there are real concerns amongst insurers about the current complexity and lack of consultation on major changes to the tax system.

"The insurance industry pays the third highest amount of corporation tax of any sector, and has for some time emphasised the importance of long-term certainty in encouraging future investment, moving away from the current short-term focus on increasing tax take."

Last updated 01/07/2016