Insurer joins growing list of companies disgruntled over UK tax regime.
Amlin has become the latest insurer threatening to leave the UK due to the Treasury’s proposals on taxation of companies’ foreign profits.
As reported in today’s Financial Times, Amlin, the largest UK-listed Lloyd’s insurer by market capitalisation, would prefer to stay in the UK from a management perspective. But the company is now considering more favourable tax jurisdictions such as Switzerland, Ireland and Bermuda.
The news surrounding Amlin comes after Brit Insurance revealed it is looking for a more accommodating tax regime.
Other companies including advertising giant WPP and publisher United Business Media have also threatened to redomicile out of the UK in order to cut their tax bills.
Current rules mean companies would pay tax in the UK on dividends earned overseas. Many companies also believe the UK corporation tax rate of 28% is too high.