Insurer could become the latest business to redomicile for tax reasons
Brit may redomicile to a more favourable tax regime, such as Dublin or Geneva.
According to The Times, the insurer is concerned about the Treasury’s plans to increase the amount of tax firms pay on their overseas earnings.
Brit chief executive Dane Douetil was reported to have said: “I have worked hard on staying the UK. Brit is domiciled here. We want to remain but can only stay if we have greater certainty about our tax position. We are looking closer than ever at other possibilities.”
Douetil added that his concerns were shared by other Lloyd’s insurers. His comments come days after advertising giant WPP said it was considering moving its headquarters out of the UK.
