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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.

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