Reconciling the PBR with the Varney recommendations

Insurers have made their feelings about the UK tax regime abundantly clear this year: they want a reduction in corporation taxes and other benefits in order to compete with the tax efficient markets of Bermuda and Ireland. Andrew Green , a partner at London law firm, Mazars, considers the implications of Gordon Brown’s Pre-Budget Report for the insurance industry

Tax, and the status of the UK tax regime, have been high on the agenda of many businesses over the last year. The pervading lack of trust between taxpayers and the UK tax authority has not helped matters. Low rates of tax elsewhere and a less rigorous regime of regulation has made some businesses, including London market players Hiscox and Omega, decide to relocate their operations to Bermuda and the Channel Islands.