Steve Butterworth, the Superintendent of Insurance at the FSC, declared himself relaxed about the changes announced in the UK budget.

He said 'There has been a long-held view that captives are being formed in offshore jurisdictions for tax avoidance purposes. This is a misconception and the changes in the UK budget should clarify this issue once and for all. It should also mean that Inland Revenue investigations should be minimised, which will save both management and the Inland Revenue a great deal of wasted time.'

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