ABI response to new business-government forum on tax

ABI response to new business-government forum on tax

ABI response to new business-government forum on tax

Responding to the Chancellor’s speech today announcing plans to form a new working group to look at the long-term challenges facing the UK tax system, the ABI’s Director of Taxation, Peter Vipond, said:

“While tax is only one of a number of issues facing financial services and other businesses in the current economic climate, there are real concerns amongst insurers about the current complexity and lack of consultation on major changes to the tax system.

“The insurance industry pays the third highest amount of corporation tax of any sector, and has for some time emphasised the importance of long-term certainty in encouraging future investment, moving away from the current short-term focus on increasing tax take.”

-ENDS –

Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

Details of today’s announcement can be seen at
http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2008/press_42_08.cfm

2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk