The committee welcomed Sarah Turner back and discussed a wide range of tax developments affecting the Lloyd’s market. Lloyd’s outlined industry concerns arising from the UK Budget, including lack of consultation, challenges with the DPT regime, GDPR-related data-sharing barriers, and uncertainty surrounding new UTPP/ICTS provisions. Issues around tax agent registration and the implications of UAE corporate tax and VAT reforms were explored, with a working group formed to coordinate market responses. Lloyd’s also provided initial interpretations of UTPP legislation and its application to Lloyd’s structures.

Further updates covered LIC’s implementation of Belgian reinsurance collateral requirements, tax haven reporting relief, Italian withholding tax processes and upcoming Belgian e-invoicing rules. Members discussed ongoing challenges with Indonesian and Indian tax documentation, Australian stamp duty treatment for Division 15, and South African disclosure obligations. Lloyd’s also reported on VAT arrangements, proposed improvements to the US tax return and FET processes, and emerging year-end audit and Pillar 2 requirements.

A number of follow-up actions were agreed, including coordinated UAE compliance work, engagement with brokers on Indonesian DGT forms, updates on Belgian and Italian tax processes, progress on South African disclosures and clarification of Australian premium tax treatment.