Brit Insurance goes Dutch
Lloyd's of London insurance group Brit Insurance has moved its head office to Holland in another bitter blow for the UK business sector. This is the latest in a long line of UK companies which have relocated overseas as the tax regime in the UK becomes heavier and heavier. Just yesterday we wrote about the retail sector and the significant tax increases expected in the short term although this is just the tip of the iceberg. The UK Treasury has been introducing a number of direct and indirect taxes over the last few years as a way to increase income as public sector expenditure moved out of control.
Traditionally the tax friendly haven of Ireland has attracted a number of UK businesses over the last couple of years although apparently the Dutch system also appears to be more business friendly than the UK tax regime. This ongoing trend is a significant blow to the UK government who despite U-turns on a number of tax initiatives appear to have lost the trust of the business community.
Many experts fully expect a wave of UK companies to relocate their headquarters overseas to take advantage of lower tax rates which will further reduce the income for the UK Treasury in the years to come. This burden will no doubt be passed on to the traditional UK taxpayer with significant income tax rises already on the cards over the next few years.
Share this..
Related stories
Credit card companies under serious pressure to reduce their rates substantially
As we have covered on a number of occasions over the last few weeks, credit card companies across the UK are under serious pressure to pass on cost savings to their customers. Rather perversely, we have seen a credit card rates increase as UK base rates continue to fall substantially and many customers are paying more in interest than ever before. Not only does this take away vital income but it a...
Read MoreWarning on insurance fraud
People who may be tempted to inflate their insurance claims have been warned that the industry is getting better at catching insurance fraudsters.The Association of British Insurers (ABI) has revealed that the insurance industry is uncovering £1.3 million worth of fraudulent claims every day, which is three times as much as in 2003.And the ABI believes that much of this is down to improved detect...
Read MoreHas Gordon Brown performed yet another U-turn?
Even though the UK government denied plans to follow in the footsteps of Pres Obama by introducing a banking tax in the UK, Gordon Brown has today refloated his plans for a global transaction tax. He is suggesting that support for a global transaction tax on the worldwide financial sector is gaining support and indeed it looks as though the idea could be discussed at a forthcoming G7 summit. So wh...
Read MoreHedge fund investors share spoils from Dana Petroleum takeover
It is estimated that hedge fund investors will today be sharing out an estimated £80 million profit, after the £1.7 billion takeover of oil group Dana Petroleum. It is believed that arbitrage investors, i.e. hedge fund investors, committed around £450 million to buy shares in the company after the announcement the group was in takeover talks. In what is becoming something of a self fulfilling p...
Read MoreGlobal pension schemes fall in value by £3.8 trillion
Respected consultancy and actuaries Watson Wyatt has today revealed figures suggesting that global pension arrangements have fallen in value by some £3.8 trillion over the last year. While the UK sector has had a very difficult time to say the least it would appear that the worldwide sector has performed considerably worse and there are serious concerns about the ongoing gap in pension liabilitie...
Read More