Lloyd’s Chair, Sir Charles Roxburgh, issued a statement welcoming the removal of Section 899 from the reconciliation bill by the U.S. Treasury and Congress.
He stated that this decision significantly benefits Lloyd’s operations in the U.S. and supports all British companies with business interests in the country.
Section 899 of the “One Big Beautiful Bill” had posed the risk of additional taxation for UK-based businesses.
Its removal follows the UK’s coordination with G7 partners to establish a shared approach to international tax rules, which is expected to provide greater certainty and stability for affected companies.
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.
Sir Charles Roxburgh, Lloyd’s Chair
“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”.
Chancellor of the Exchequer Rachel Reeves stated that she will continue to advocate for British businesses in global forums.
She noted that the new agreement brings clarity and stability after concerns were raised by UK businesses.
Reeves added that while the G7 remains focused on addressing aggressive tax strategies and maintaining fair competition, such discussions should proceed without the threat of retaliatory taxation. She welcomed the removal of Section 899 as a step in that direction.
The G7 agrees there is work to be done in tackling aggressive tax planning and avoidance and ensuring a level playing field.
Chancellor of the Exchequer Rachel Reeves
Sir Charles acknowledged the Chancellor’s role in achieving the outcome through collaboration with G7 finance ministers.
He stated that the decision strengthens the business environment for UK firms investing in the U.S. and supports international capital flows that contribute to local economic development.
Lloyd’s, which has supplied insurance capacity to the U.S. for over 100 years, sees the move as enabling its continued support of the American economy—its largest market—while facilitating broader international investment activity.
