Brit Insurance has announced plans to re-domicile its operations to the Netherlands from the UK. The move comes amid a crackdown by the British and other European governments including Germany to put an end to tax havens. Peter Vipond, director of regulation and taxation at the Association of British Insurers, said that Brit being the second insurer to leave the UK in a month, following the same decision by Beazley, shows that it 'is vital the government acts now to ensure the UK is an internationally competitive location'. The insurance sector is an important source of tax revenue for the government, with a contribution of £9.7bn of taxes in the fiscal year 2006/07, £2.9bn of which was corporation tax, the third highest in any sector.