Budget 2013 - Corporation tax cuts make London more attractive for global insurers
21 March 2013
The Chancellor confirmed in the Budget that corporation tax will fall to 20% from 2015. Deloitte, the business advisory firm, says the reduction will make London more attractive to global insurers.
David Clissitt, tax partner at Deloitte, said:
“Confirmation that corporation tax will fall to 20% by 2015 increases the attraction of London as a base for international insurance groups, and underlines the City’s role as a global centre for insurance.
“International insurance companies are mobile and can be based almost anywhere in the world. Insurers were a few years ago leaving the UK for lower-tax jurisdictions such as Bermuda and Ireland but the tide is now turning. The reduction in corporation tax over the past few years from 28% to 20% makes it more likely that global insurers will relocate to London.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities.
Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited