Lloyd's needs tax reform to stay at the top
Lloyd's chairman again warns about the threat to its position unless the corproate tax regime is revised
Lloyd’s of London chairman Lord Levene has again called on the government to
revise the corporate tax regime to protect the business.
Lloyd’s, which is regarded as the main market for insurance, faces pressure
from insurers moving offshore due to take advantage of more attractive tax
regimes.
‘Companies are not going to redomicile overnight but, if we can see the
threat coming, then the Government must act on it,’ said Lord Levene, reported
the Daily Telegraph.
Lloyd’s saw its interim profits fall by half to £949m for the six months
ending 30 June, compared to £1.8bn 12 months earlier.
A drop in investment and increased claims dragged profits down, it said.
Further reading:
Lloyd’s chief renews attack on
Govt’s tax policies