Bermuda Insurance Exec Told To Pay UK Tax On Share Options

Lenore Staats

Law360 (September 3, 2020, 8:02 PM EDT) — The top executive of a Bermuda-based insurance company must pay U.K. income tax on share options he exercised while he was no longer a British resident, the Upper Tribunal’s tax chamber ruled. The tribunal, in a decision issued Wednesday, found that John […]

Law360 (September 3, 2020, 8:02 PM EDT) — The top executive of a Bermuda-based insurance company must pay U.K. income tax on share options he exercised while he was no longer a British resident, the Upper Tribunal’s tax chamber ruled.

The tribunal, in a decision issued Wednesday, found that John Charman, CEO of property and casualty insurer Sompo International Holdings Ltd., was liable for tax on the total amount of the options he was granted. Charman had argued that he should pay tax only on share options he vested while he was a U.K. resident.

The tribunal’s decision was dated Aug. 27.

The options relate to Charman’s previous post…

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