ARTICLE · 22 MARCH 2006

Simplifying the life insurance industry to aid competitiveness

Deloitte

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In his Budget speech today the Chancellor referred to making Britain a location of choice for international business and ensuring, through discussion with business, reforms to corporation tax maintain UK competitiveness.

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Peter Wright

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Simplifying the life insurance industry to aid competitiveness

In his Budget speech today the Chancellor referred to making Britain a location of choice for international business and ensuring, through discussion with business, reforms to corporation tax maintain UK competitiveness.

As anticipated, the Budget announcement confirmed HM Revenue & Customs will undertake a consultation with the life insurance industry in the Spring to consider simplification of the current corporation tax regime applicable to life insurance companies. The review will focus on a limited number of aspects aimed at removing barriers to commercial transactions. Peter Wright, tax partner at Deloitte, commenting on the announcement noted that "Today’s news was anticipated following recent discussions with HM Revenue & Customs and is wholly consistent with their Better Regulation agenda. We believe the consultation will be a real opportunity to minimise the administrative burden of the current regime and

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