Welcome to our November edition of Keeping Up with Tax for Insurance. As usual (or at least usual right now!), it’s been another very busy month in UK politics. We had originally intended to make this edition a ‘budget special’ to provide full coverage on what promised to be a fascinating Budget 2019, with a Halloween Brexit already a memory. However, Parliament had other ideas, and the UK is now heading into a general election on 12 December.
In the meantime, there's been plenty going on in the world of tax and insurance and we have as usual highlighted key developments. In particular, the recent issue of the GRI reporting standards for tax and further clarifications on the proposed EU public country by country reporting standards may impact significantly on tax (and wider) reporting required/advised for insurance groups, and the OECD released their public consultation document for Pillar II, looking at the introduction of common global minimum tax rules. We have summarised the headlines from these measures and steps insurers may wish to take. Otherwise, this edition includes a number of articles on recent or shortly upcoming developments in tax, including further guidance on IR35, the Irish finance bill and a number of developments on stamp taxes. Our articles are as follows:
Finally, (not at all begrudging) congratulations to South Africa on winning the Rugby World Cup. Now time to get back to enjoying the cricket!
I hope you enjoy the articles that we have put together, and as always please get in touch with me or your PwC team if there is anything that you would like to discuss further, or if you would like to attend one of our events.