Business
Intention to move to UK tax residency
Intention to move to UK tax residency.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 1282L Lancashire Holdings Limited 27 July 2011 \n \n\nLANCASHIRE HOLDINGS LIMITED\n \n27 July 2011 \nHamilton, Bermuda\n \nLancashire Holdings Limited Intends to Move to UK Tax Residency\n \nLancashire Holdings Limited (\"Lancashire\") today announces that it plans to move to UK tax residency.\n \nLancashire is currently based in Bermuda and has both UK and Bermuda-based insurance subsidiaries. Lancashire's Board of Directors has been reviewing its Bermudian tax residence at regular intervals and, following the publication of the latest proposals for the reform of the UK's Controlled Foreign Companies (\"CFC\") rules, Lancashire intends to move its tax residence to the UK. In advance of the proposed move, Lancashire will seek shareholder approval for a change in its bye-laws to permit Board meetings to be held in the UK.\n\nIn moving its residence to the UK, Lancashire expects to meet the conditions for the temporary period exemption from the UK's CFC rules which is being introduced by the UK Finance Act 2011. This should therefore not impact Lancashire's UK tax position.\n\nLancashire is not required to move its place of incorporation in order to qualify for the temporary period exemption, and currently intends to remain incorporated in Bermuda. Its Bermuda-based insurance subsidiary will continue to operate and be incorporated in Bermuda.\n\nLancashire welcomes the UK Government's wish to explore ways of treating business written in the UK, but with limited UK connection, more favourably under the new CFC regime. Lancashire, in conjunction with other corporations, will be responding to the Government's consultation over the coming months with a view to ensuring that the final CFC rules operate fairly.\n\nFor further information, please contact: \n\n\n\n\nLancashire Holdings Limited\nNeil McConachie\n \n \nChristopher Head\n\n\n \n+1 441 278 8960\[email protected]\n \n+44 (0)20 7264 4145\[email protected]\n \n\n\n\n\nJonny Creagh-Coen\n \n\n\n+44 (0)20 7264 4066 \[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHaggie Financial\n\n\n+44 (0)20 7417 8989\n\n\n\n\nPeter Rigby\n\n\n(Peter Rigby mobile 07803851426)\n\n\n\n\n\n\n\n\n\n\n\n\n \n \nAbout Lancashire \n&n...