Tough US tax proposals could cost British companies millions
UK insurers fear being hit by costs amounting to millions if stringent new tax proposals are endorsed in the United States
Financial services companies are bracing themselves for the impact of a new
tax evasion clampdown being finalised in the US which could cost millions.
The US Treasury is shaping plans to make banks, hedge funds, and insurers
worldwide surrender up to five million account details in efforts to foil tax
evasion.
The move has generated criticism from insurance industry representatives,
because of the potential cost of overhauling information systems.
Peter Vipond director of taxation at the Association of British Insurers
told
City AM: “UK insurers represent no significant risk to US tax revenues and
we are keen to avoid unneccessary and onerous costs on the industry that will
ultimately be borne by all policyholders.”
Further reading:
US
Treasury defends Obama tax reform plans
