TaxCorporate TaxABI: drop anti-avoidance plans

ABI: drop anti-avoidance plans

Foriegn profits plan should not involve complex and costly anti-avoidance measures, insurers' body says.

The Association of British Insurers has called on the Treasury to drop its
obsession with ‘revenue neutrality’ on its plans to overhaul the taxation of
foreign profits.

The government wants to drop taxes on inbound dividends, but wants to tighten
up anti-avoidance rules elsewhere to make up for the tax loss.

‘It is vital that the government does not pursue revenue neutrality, which
invariably means complex and costly anti-avoidance measures, in a way that
imposes more burdens on business or restricts business development in the UK,’
Stephen Haddrill, ABI director general, said in a letter to chancellor Alistair
Darling.

The body believes the review is important to keep the UK competitive.

A ‘surprisingly high proportion’ of the insurance industry had moved to very
low tax regimes, Haddrill added.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson