Tax Monitor

Editor: Brian Daly

UK Business Friendly Budget

Severe public expenditure cuts and a significant increase in the VAT rate grabbed many of the headlines on the recent UK Budget but there were many significant developments for business and a new banking levy which will require an impact assessment by financial institutions, writes Pat Cullinan

The Swiss Re case - a big VAT headache for the insurance sector

The Swiss Re judgement handed down by the European Court of Justice ('ECJ') in October 2009 said that VAT applied to the transfer of insurance and reinsurance portfolios. The judgement has caused widespread concern in a sector whose participants generally have limited or no entitlement to VAT recovery. Niall Campbell looks at how tax authorities have responded to this judgement in order to minimise its potentially negative effects