The committee welcomed a new member and approved the previous minutes. Discussions focused on Pillar 2 technical issues, including asymmetric FX, GloBE income and covered tax allocation, loss pools and deferred tax relief, with members agreeing to share analysis, provide peer support and consider further subgroup discussions where needed. Updates were also provided on Lloyd’s engagement with HMRC on transfer pricing, ICTS, permanent establishments and effective tax mismatch outcomes, highlighting the need for further clarification and guidance.

Members received updates on recent US tax developments, including changes to BEAT and the removal of Section 899, and discussed the continued administrative value of the US closing agreement. Market-wide HMRC VAT enquiries were noted, alongside Lloyd’s updates on South Africa filings, India and Australia tax developments, PE certification, QMA Delta, VAT working groups and forthcoming changes to French and Monégasque IPT reporting. The meeting concluded with agreement on follow-up actions and noting the announced UK Budget date.