United Kingdom

Change = business as usual for insurers? 

The unprecedented level of change faced by the insurance industry brings with it considerable challenges for both businesses and consumers. Most, if not all, of these changes will impact the tax profile and tax risks facing insurers and require careful thought about the impact of these changes.

 

We are seeing significant activity in the market on the new life insurance corporate tax regime, FATCA, and tax in Solvency II as well as an increasing focus on employee taxes and operational taxes. In addition, the new Controlled Foreign Company rules present a challenge, but also an opportunity for UK parented firms. There are a number of articles below discussing these and other hot topics so please feel free to look through them and contact the author or one of our insurance team if you would like any further information.

Updates to the R&D tax credit will have impacts for insurers

The new Research and Development Expenditure Credit for large companies is now with us, which may make the regime more attractive for insurance groups. We highlight the key points and recently announced changes.

Tax in capital requirements: where next?

With the Solvency II timetable receding into the future and the gestation of “ICAS+”, now is the time to take stock on a number of fronts, including tax.

No time to put your feet up - tax pressures in the Lloyd's market

No time to put your feet up - tax pressures in the Lloyd's market
In this article we provide a summary of a few key continuing taxation issues in the Lloyd’s market, including senior accounting officer and member level reinsurance, and their relationship to current activity and debates.

The Unit Pricing Committee’s tax agenda

The Unit Pricing Committee’s tax agenda
The FSA are conducting a Thematic Review of unit linked business. In this article Gordon Gray discusses some topical tax issues relevant to the management of unit-linked business.

Introduction of a VAT cost sharing exemption into UK law

Introduction of a VAT cost sharing exemption into UK law

VAT exemption for services provided by a cost sharing entity is now available as the UK has brought itself in line with European law. This should allow partly or fully exempt businesses to receive certain services free of VAT. This development is likely to be an exciting one for many insurers.