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Welcome to our international edition of Keeping Up with Tax for Insurance. As promised in our previous edition, we have broadened our horizons this month and asked our PwC network of firms to provide you with updates on topical tax matters in key insurance territories around the globe. This is our most comprehensive international edition yet, and we hope you find the breadth of content in here informative and helpful! 

Given this edition focuses on international tax matters this month, we did want to briefly highlight the following articles on UK tax and broader commercial matters in case you felt you were missing out:

  • As you'll all be aware, the world has been keeping a careful eye on Coronavirus (or COVID-19, to be official!). Our specialists in the PwC Global Crisis Centre have put together a webpage here to highlight the issues that insurers need to consider when responding to this (potential) crisis.

  • As part of legislation bringing about the UK's withdrawal from the EU, regulators have confirmed that the Temporary Permissions Regime (TPR) and other important transitional powers ensuring continuity of operations for EEA firms in the UK will now begin at the end of the Brexit transition period on 31 December 2020. This will provide additional clarity and certainty to EEA firms passporting into the UK. See here for our summary briefing.

  • PwC’s 23rd CEO Survey has revealed UK business leaders are planning a practical and purposeful response to economic uncertainty. Here, Marissa Thomas, PwC’s UK Tax Leader, explains how CEOs are shifting gear to respond to increased uncertainty and volatility.

  • The FCA has recently published its final rules on signposting to a new travel insurance directory for consumers with medical conditions. Find out what the rules mean for insurance firms in PwC’s At a glance publication here.

  • HMRC recently released an interesting example of their ongoing commitment to tackling international tax evasion, working with authorities from a number of countries through the recently formed Global Chiefs of Tax Enforcement - J5 Alliance, see here.

  • Earlier this month, the government announced a number of significant changes to the National Minimum Wage (NMW) legislation and enforcement regime. Up to one third of employees could be impacted by the announcement of changes. Learn more about the changes and what you need to do next here.

  • HMRC have released their Employer Bulletin February 2020 which includes important updates on HMRC’s view on “legitimate expectation” of trivial benefits as well as on IR35 and termination payments.

  • Finally, the new Chancellor of the Exchequer confirmed the date for the UK budget as 11th March 2020. Look out for more on that in next month’s edition!