Latest tax and investment news
ABI warns 'more should be done' to keep firms in UK
The corporation tax contribution of insurance companies in the UK remained robust in the tax year 2008/09, but more should be done to keep firms from emigrating to offshore financial centres, the Association of British Insurers (ABI) has warned.
A study carried out by PricewaterhouseCoopers for ABI found that insurers paid £3.2 billion in total business taxes in 2008, as well as collecting a further £5 billion for the government.
However, Peter Vipond, director of financial regulation and taxation at ABI, said that there is an opportunity to build on the UK's reputation as a global leader for insurance and stop companies from relocating.
"Financial centres, such as the Netherlands, Ireland and Hong Kong, have emphasised their friendly attitude to business," he added.
"Just as importantly they offer stability in their tax systems over the medium term."
The association recently said that Scotland remains a positive location for financial services, with an offering that "goes far wider and deeper than banking".
Posted by Susie Cho
For More Information
For more information about our services please contact us on the number provided below. Alternatively, fill out this form, indicating your area of interest, and one of our partners will contact you. If in any doubt, we offer a free, no obligation meeting to discuss your requirements.
For further information please email us at mail[at]atcsolutions.com or call:
ATC Solutions takes your privacy very seriously and any information you provide will only be used by us. We do not pass on information to any third parties unless you expressly give us permission and only then in relation to your specific enquiry.
