As we approach completing the third month of the lockdown it is clear that the challenges we are all dealing with are evolving on a weekly basis and for some lockdown has become easier but for others each passing day is proving to be more difficult. It is also increasingly likely that the longer we are in this environment the larger the influence it will have on our future working practices as we do start to navigate the return to our offices. We know that a number of you are working through those challenges at the minute and some will already be back in the office and there are a number of tax challenges associated with this that we are talking to you about. In amongst all of this uncertainty we are delighted to provide you with our ever reliable publication Keeping Up with Tax for Insurance.
We have been holding various virtual tax events, including webinars and roundtable discussions. Links to some of these can be found here. Recent hot topics have included ‘Navigating the latest tax incentives’ and ‘the tax landscape post covid-19’. These have really resonated with our clients and are intended as triggers for more detailed conversations, so please reach out to discuss these further.
In addition, I want to remind you again of our covid-19 hub, here, from which you can also sign up for our weekly update email on the latest cross industry insights and practical advice. Our Strategy& paper ‘COVID-19: UK industry focus: Where next for insurance?’ can also be accessed through the hub.
On to tax matters, and since our EU MDR update in last month’s edition, the European Commission has announced that it has proposed a delay to the implementation of the rules and reporting requirements. It is important to note that, while no doubt welcome for many insurers, at this stage this is just a proposal and it will need to be unanimously approved by the Economic and Financial Affairs Council (‘ECOFIN’). The key proposals as they currently stand are:
Something that will interest everyone is a review of the tax disclosures in the FTSE100 that our tax reporting team have produced. It reveals an increase in tax transparency over the last 6 years, with some leaders dedicating time and energy to developing voluntary disclosures to inform the debate on tax transparency and improve understanding. Their conclusions can be viewed here.