The government is concerned about the departure of companies from Lloyd’s of
London, and is considering proposals to lower the tax rate for underwriters, the
company said yesterday.
Speaking as the 318-year-old market unveiled a £1.35bn pre-tax profit for the
first half of 2006, Lloyd’s chief executive Richard Ward said he was in
discussions with officials to reduce the the corporation tax rate applicable to
Lloyd’s has been pushing for tax breaks after two of the market’s leading
companies said they would be leaving Lloyd’s for Bermuda to take advanatage of
the island’s 0% corporation tax, the Times reports.
One suggestion which has been mooted is that Lloyd’s adopt a similar regime
to the tonnage tax applied to the shipping industry. This system
requires companies to invest in training and infrastructure in the UK in return
for a lower rate of corporation tax.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states