RPT-U.S. tax plan threatens Wall Street's Bermuda idyll [Reuters (UK)]
Athene Holding Ltd. Class A Common Shares (ATH)
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Source: Reuters
RPT-U.S. tax plan threatens Wall Street's Bermuda idyll | Reuters Reuters Staff 3 Min Read (Repeats with no changes to text.) By Suzanne Barlyn and David French NEW YORK, Nov 2 (Reuters) - U.S. money managers with reinsurance companies in Bermuda and the Cayman Islands could lose a valuable loophole under Republican proposals to overhaul the tax code unveiled on Thursday. The plan includes a 20 percent excise payment on payments from domestic firms to foreign affiliates that could affect private equity firms and hedge funds that have overseas reinsurance operations. The proposal would effectively kill the so-called Bermuda reinsurance loophole under which money managers are able to invest the premiums they raise as reinsurers in their funds without paying any tax on the gains. The plan is part of a 429-page bill that would represent the largest overhaul of the U.S. tax system since the 1980s, and many analysts have raised doubts about the likelihood of it being passed. “Our base call
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