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E&Y warns of tax compliance burden for insurance companies

Ernst & Young says the Government’s liability changes for compliance in corporates will create a large burden for insurance companies.

In the Budget report, the Government announced plans to establish a statutory requirement for senior accounting officers of major corporates which will hold them personally liable to a penalty if they get tax computations wrong.

It said the measures are designed to ensure that adequate controls are in place and help businesses reduce the opportunity for evasion, avoidance or non-compliance.

Ernst & Young insurance tax partner Matthew Taylor says the new requirement could be a significant burden for insurance companies where there are vast amounts of data from which life tax computations are derived.

He says: “Accounting systems and controls are geared up to levels of materiality relevant to financial reporting. The further level of accuracy required for tax is usually overlaid substantively by the tax department.

“This will create a large compliance burden for life insurance companies – and also for the senior individual who takes on such a role.”


Aegon renames Global Bond fund

Aegon Asset Management will rebadge its £120m Global Bond fund as Aegon Strategic Bond. The name change is designed to more accurately reflect the fund’s investment objectives.Global Bond joined the Investment Management Association’s (IMA) newly-created £ Strategic Bond sector last year. According to Aegon, the sector provides a better fit for the fund, because of […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


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