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Results: 1-10 of 19

Prudential test case relating to UK dividend taxation adjourned
  • Locke Lord LLP
  • United Kingdom
  • November 24 2010

Prudential Assurance Co Ltd & Ors v Revenue & Customs Commissioners 2010 EWHC 2811 (Ch) concerned the UK's former rules on the taxation of dividends received by insurance companies resident in the UK on shareholdings in foreign companies which were held as investments in their pension and life assurance business


California appeals court affirms ruling that Section 28 tax does not apply to surplus lines insurers
  • Locke Lord LLP
  • USA
  • October 7 2010

On September 30, 2010, the California Court of Appeal for the Second Appellate District affirmed a superior court ruling that California Constitution Section 28 taxes do not apply to surplus lines insurers


New York Insurance Department considering requesting lower federal tax rate
  • Locke Lord LLP
  • USA
  • March 8 2010

According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate


Health care legislation imposes tax on annuity income
  • Locke Lord LLP
  • USA
  • April 26 2010

The Health Care and Reconciliation Act (the "Act"), signed into law on March 30, 2010, imposes a tax on annuity income to help pay for the multi-billion dollar reform package set forth in both the Act and the Patient Protection and Affordable Care Act, signed into law on March 23, 2010


Chaucer latest Lloyd's entity to consider new domicile
  • Locke Lord LLP
  • United Kingdom
  • January 26 2010

In an interview with Bloomberg, Chaucer's chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment


Obama proposes budget that would end foreign reinsurer tax advantages
  • Locke Lord LLP
  • USA
  • February 3 2010

President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company


Incoming regulations may increase actuarial costs
  • Locke Lord LLP
  • United Kingdom
  • September 2 2009

On 1 September 2009, the General Insurers' Technical Provisions (Appropriate Amount) (Tax) Regulations 2009 (the Regulation) comes into force in the UK


European ruling on VAT goes against reinsurers
  • Locke Lord LLP
  • European Union
  • November 12 2009

The European Court of Justice (ECJ) has recently released its judgment in the case of Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften, confirming that a transfer of a portfolio of life reinsurance contracts, outside of a business transfer, will be subject to value-added tax (VAT) at the standard rate


In private letter ruling, IRS says captive reinsurance of fronted pools is “insurance” for tax purposes
  • Locke Lord LLP
  • USA
  • January 4 2010

The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is "insurance" for tax purposes


Alastair Darling's Budget proposes tax break for asbestos trusts
  • Locke Lord LLP
  • United Kingdom
  • March 30 2010

Alastair Darling's 2010 Budget includes provisions designed to help asbestos trusts which were set up by companies prior to 24 March 2010 to meet their asbestos liabilities