Beazley, XL and Zurich redomiciled in Ireland; UK's bill for Irish bailout up to £15bn

Ireland is under pressure to raise its corporation tax to 18% in return for receiving an EU bailout package of up to €90bn, reports over the weekend said.

The current corporation tax rate is 12%. A number of insurers including Zurich, Beazley and XL redomiciled their tax residency to Ireland, City AM reports.

Under a deal agreed by former Chancellor Alistair Darling, the UK taxpayer could be on the hook for up to £15bn as part of the bailout.

Meanwhile, it was reported over the weekend that Zurich is considering moving its £35bn life unit to Dublin.