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ABI responds to Brit Insurances move abroad

Responding to Brit Insurance's announcement that it is planning to re-domicile its operations to the Netherlands from the UK, Peter Vipond, Director of Regulation and Taxation at the ABI, said:

"The decision by Brit Insurance to leave the UK, the second insurer to do so in a month after Beazley, shows the Government cannot take for granted the UK's position as a global leader in insurance. It is vital the Government acts now to ensure the UK is an internationally competitive location.

"The Government needs to act decisively on the Foreign Profits review through implementing the proposed tax exemption for foreign dividends without further delay, scrapping the proposed restrictions on relief for interest and committing to the early completion of the review of controlled foreign companies rules."

In the 2006/07 tax year the UK insurance industry contributed £9.7 billion in taxes, of which £2.9 billion was corporation tax, the third highest of any sector.

Last updated 01/07/2016