Foreign insurers or reinsurers who wish to be included in the list should complete the PDF consent form and send it to the following address: Tax agreements are regularly concluded between Lloyd`s and the Internal Revenue Service (IRS). Agreements were concluded in 1968, 1980, 1990 and 2005. The British authorities grant non-US members a credit for US taxes paid on Lloyd`s income under the concluding agreement, against any British tax levied on the same income. It is a condition of the agreement that members must claim as much expense as possible against their U.S. tax. HMRC is not required to provide loans to DTR members unless an appropriate attempt has been made in the United States to request relief from the relevant expenditures. Rev Section 4. Proc. 2003-78 provides, in accordance with the previous revenue procedures mentioned above, that “the Internal Revenue Service may publish at regular intervals in the Internal Revenue Bulletin a list of foreign insurers or reinsurers that have entered into contracts under this results procedure, as well as a list of foreign insurers or reinsurers whose closing contracts are terminated.” The following list of foreign companies that have entered into agreements is provided in accordance with this provision. Rev. Proc. 2015-46, 2015-39 I.R.B. 414, rev.
Proc. 2003-78 to update the mailing address and contact number, formalize certain requirements and make appropriate changes to the form-making agreements, which are considered To annexes A and B of rev. Proc. 2003-78. Rev. Proc. 2003-78, 2003-2 C.B 1029, contains instructions for the introduction of an excise duty exemption under Section 4371 on insurance premiums paid to a foreign insurer or reinsurer if the exemption is based on the provisions of an income tax agreement in which the United States participates. Rev Section 3.01. Proc.
2003-78 provides that a person who is otherwise required to pay the insurance excise on the basis of premiums to a foreign insurance or reinsurance company exempt from the insurance excise under an income tax agreement, when premiums are paid to an insurer or reinsurer established for contractual reasons in a country with which the United States has a contract , who enjoys an excise duty exemption and, prior to filing the tax return for the taxable period, this person knows that an agreement between the Internal Revenue Service and the foreign insurer or reinsurer under The Rev. Proc. 2003-78; Rev. Proc. 92-39, 1992-1 C.B 860; Rev. Proc. 87-13, 1987-1 C.B 596; or Rev. Proc. 84-82, 1984-1 C.B. 779. Foreign insurers or reinsurers who wish to enter into an agreement under the above performance procedures are available on the DuFederal Excise Tax Exemption Program.