Britain's tax system was deterring overseas insurers from relocating to the UK and risked damaging the long-term competitiveness of the world's oldest insurance market, Richard Ward, the chief executive of Lloyd's of London, said yesterday, reports The Times.
The country is facing an unprecedented opportunity to attract overseas insurers, particularly from Bermuda, after the proposed crackdown on offshore tax havens by President Obama. But Mr Ward said that Lloyd's was finding it hard to convince insurers to come to London because of its tax system, with corporation tax at 28 per cent and unresolved issues about the treatment of foreign profits. President Obama's move has prompted companies based in Bermuda to consider quitting the region. Willis, the broker, is understood to be leaving Bermuda, but will go to the Irish Republic rather than t...
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