No US tax laws for UK insurers

Peter Vipond, the Association of British Insurers’ (ABI) director of financial regulation and taxation, has said in a letter in the FT that UK insurers have less than 0.1% of US residents as customers so do not need extra US tax-evasion regulation.

“The onerous costs and penalties of the US proposals do not reflect the very low risk of US tax evasion through UK insurers,” he wrote. “The UK and US tax authorities have a good record of working closely and the time is right to build on that and not damage relations with rules of such wide scope.