And now Hiscox have moved their ops there, citing an excess of red tape and a 30% rate of corporation tax here as against a more relaxed regime there and, what was it, oh yes – 0% corp tax.
> Richard Murphy, of Tax Research, said the plans outlined by the insurer showed “it wanted the best of both worlds” as it continued to conduct business in London but pay tax in Bermuda.
But then you think, well why not? If the govt. is going to mire the country down with bureaucracy and an uncompetitive burden of regulation, that is precisely how the market responds.
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