Tax Burden Pushing Away Major Insurers
The UK’s corporate tax regime is causing several large insurance companies to consider moving outside the country, according to the Daily Mail.
Two of the more recognised brands, the Prudential and RSA Insurance are among the many making the exodus to lower-taxed countries such as Germany and Ireland. HSBC is also considering a move.
British companies earning money in foreign markets are unhappy with the treasury’s current scheme that involves taxation of both business in Britain and business abroad. These firms are claiming they are being taxed twice.
Moving away from Britain may save companies money, however, there may be administration issues making practicing business abroad more challenging. With so many businesses on the move, they hope to influence Darling’s administration through more lenient taxation on foreign earnings.
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