Lloyd’s chief renews attack on Govt’s tax policies

Lord Levene of Portsoken,
Lloyd’s of London
chairman, renewed his attack on the Government’s tax policies last night,
warning the dominance of the world’s biggest insurance market was coming under
threat because of Treasury dithering.

Addressing Lloyd’s annual City dinner, at Merchant Taylors’ Hall, Lord Levene
called on the Treasury to sharpen up UK’s corporate tax regime immediately or
risk seeing an flood of companies depart to lower-cost locations such as
Bermuda, Dublin and Geneva, The Times reports.

Lord Levene also urged the Chancellor to make specific tax changes for
Lloyd’s underwriters and brokers to ensure the 320-year-old market remained the
global centre for insurance and reinsurance business.

‘We have discussed this [tax issues for Lloyd’s members] with the Treasury
for a very long time. They now tell us that they understand the force of our
argument and hope to reach a decision soon,’ he said. ‘I fear though that “soon”
is a moveable feast, and we need a favourable decision now.’

Further reading:

The Times story

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