Lloyd’s has welcomed the United States’ reversal on plans to raise taxes on businesses from a raft of countries.

The controversial section 899 – dubbed the “revenge tax” – will no longer be part of a bill totalling more than 900 pages that is before Congress.

Lloyd’s chair Charles Roxburgh says the London market is “very grateful” for the British Chancellor’s work alongside G7 finance ministers to have section 899 removed.

“This greatly supports not only Lloyd’s business in the US but all British companies with interests in the US and will enable international investment in the US to serve domestic businesses and communities,” he said. “Lloyd’s has been providing insurance capacity to support the economy of the US – our largest market – for over a century, and we are pleased to continue to do so.”

Section 899 was aimed at countries imposing “discriminatory taxes” against US entities.