Tax risk insurance has developed rapidly over the past decade and is now regularly seen in an M&A context as well as a range of other situations. Used correctly it can be a valuable product for taxpayers, but cover can be impacted by the way taxpayers and their advisers approach the process. In order to obtain tax risk insurance on the best terms possible it is important to: work with the broker to ensure that the submission is as clear and comprehensive as possible; consider all terms received in the round (not just price); proactively engage in the underwriting process; and pay close attention to the policy – this is usually the sole basis of recourse for the risk in question.
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Tax risk insurance has developed rapidly over the past decade and is now regularly seen in an M&A context as well as a range of other situations. Used correctly it can be a valuable product for taxpayers, but cover can be impacted by the way taxpayers and their advisers approach the process. In order to obtain tax risk insurance on the best terms possible it is important to: work with the broker to ensure that the submission is as clear and comprehensive as possible; consider all terms received in the round (not just price); proactively engage in the underwriting process; and pay close attention to the policy – this is usually the sole basis of recourse for the risk in question.
If you are not a subscriber, subscribe now to read this content.
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