Lloyd’s Chair, Sir Charles Roxburgh, has issued a statement commending the removal of Section 899 from the reconciliation bill by the United States Treasury and Congress, noting that the decision “greatly supports” not only Lloyd’s business in the US but all British companies with interests in the US.
Section 899 of the One Big Beautiful Bill could have imposed substantial additional taxes on UK businesses; however, they are now expected to benefit from greater certainty and stability following the UK’s alignment with G7 partners on a common understanding of international tax rules.
Chancellor of the Exchequer Rachel Reeves recently stated, “I will always represent the best interests of British businesses on the world stage.
“Today’s agreement provides much-needed certainty and stability for those businesses after they had raised their concerns.
“The G7 agrees there is work to be done in tackling aggressive tax planning and avoidance and ensuring a level playing field.
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“The right environment for this work to happen is without the prospect of retaliatory taxation hanging over these talks, so the removal of Section 899 is welcome.”
In response to this, Sir Charles Roxburgh, Lloyd’s Chair, commented, “We are very grateful for the Chancellor’s leadership, working with her G7 Finance Minister colleagues, to secure the announcement from the United States Treasury and Congress that Section 899 has been removed from the reconciliation bill.
“This greatly supports not only Lloyd’s business in the United States but all British companies with interests in the United States and will enable international investment in the United States to serve domestic businesses and communities.
“Lloyd’s has been providing insurance capacity to support the economy of the United States – our largest market – for over a century, and we are pleased to continue to do so.”
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