Insurers will likely have been relieved to note that the Budget measures contained relatively little that had not already been either formally announced, or signalled in ongoing consultations. There were no unexpected surprises. A lack of unpleasant surprises does not however mean that insurers’ tax teams can look forward to a relaxed 2010 – Solvency II tax regime change and the tax dimensions of Solvency II implementation, potential life tax reform, wider corporate tax reform consultations, and SAO and iXBRL implementation will all place demands on insurers over the course of the year.

  Click here to see our Bulletin addressing the insurance-specific proposals of the Budget and considers those wider demands on insurance tax teams.