The government currently has more urgent issues on its plate, but HM Treasury and HMRC will continue to consult with interested parties, such as insurers’ representative bodies (ABI and the International Underwriting Association), brokers’ representative bodies (London & International Insurance Brokers Association) and other organisations on this change.
The next step will be to conduct another consultation and schedule regular industry liaison group meetings between HMRC and interested parties. This process will take time, but UK-based insurers and brokers should prepare for changes in the coming years.
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Russell Brown is senior consulting manager at Sovos
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