ST. PETER PORT, Guernsey—Captive insurers, insurers and reinsurers may face corporate tax changes in a reworking of the tax regimes in Guernsey, Isle of Man and Jersey.

The three Crown Dependencies of the United Kingdom are reviewing their tax codes to ensure they are aligned with those of member states within the European Union, according to Guernsey Finance, the agency that promotes Guernsey as a financial center.

Guernsey in 2008 adopted its “zero-10” corporate tax regime whereby all companies, including insurers, reinsurers and captives, are taxed at a zero rate. Banks pay a 10% tax on certain deposit-taking activities. Jersey and the Isle of Man adopted similar approaches.

The islands’ tax regimes may change, however, as E.U. countries have indicated they may not consider the three jurisdictions’ tax regimes to be compliant with other E.U. codes, according to a statement by Guernsey Finance.

The U.K. Treasury has confirmed that the tax regimes are compliant with international standards and the E.U. code of conduct, but attitudes have changed in light of global economic turmoil, according to Guernsey Finance.

E.U. member states now are less likely to accept the U.K. stance that the islands’ fiscal regimes are compliant with their codes, the statement said.

A previously planned review by Guernsey of its tax structure will be broadened in light of the E.U. concerns, Guernsey Finance said.

“As a result of changes in international attitudes, the terms of consultation on this issue will be broader than had previously been envisaged, and will aim, working with the UK and other EU member states, to ensure that our fiscal regime remains competitive and within international standards,” said Guernsey’s Chief Minister, Lyndon Trott, in the statement.

The three captive domiciles will work together on the review, with plans for Guernsey and Jersey to work particularly closely because of their geographic and political similarities.

Guernsey plans to complete its review by spring, a spokesman for Guernsey Finance said.