ABI struggles to save UK insurers from US rules

first_img Share UK life insurers could be hit with tens of millions of pounds of costs if they are forced to comply with tough regulations on tax evasion being drafted by US authorities.Companies such as Aviva, Old Mutual and Prudential would be forced to report the tax details of their US account holders every year under proposals being drafted in Washington. The life insurance industry is anxious about the potential cost of overhauling information systems if it is caught up in the wave of red tape.The Association of British Insurers (ABI) yesterday went into battle to try to win the exemption of UK life firms from the rules. Peter Vipond, director of taxation at the ABI, said: “UK insurers represent no significant risk to US tax revenues and we are keen to avoid unnecessary and onerous costs on the industry that will ultimately be borne by all policyholders.”The trade body has written to the US Treasury and Internal Revenue Service. It will attend a series of meetings with policymakers over the coming weeks to point out that savings sold by UK life insurers are taxed by HM Revenue & Customs, and US residents make up just 0.1 per cent of UK life policyholders. whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com KCS-content whatsappcenter_img Wednesday 25 August 2010 9:00 pm ABI struggles to save UK insurers from US rules Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo Tags: NULLlast_img

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