Beazley plc Tax Strategy
- Introduction
The publication of this tax strategy by Beazley plc fulfils obligations prescribed by paragraph 16(2) of Schedule 19 of the Finance Act 2016 enacted in the United Kingdom which requires Beazley plc to publish its tax strategy for all UK entities for the year ended 31 December 2024. This tax strategy extends to the whole Beazley group.
- Approach of the Group to risk management and governance arrangements in relation to taxation
Responsibility for the tax risk management and governance arrangements ultimately sits with the Group Chief Finance Officer. Ongoing day-to-day responsibility for each of these areas sits with the Group Head of Tax and the Head of Finance Operations. The management of tax risk focuses on ensuring we file tax returns and pay any tax due at the right time.
Our tax strategy aligns to the Group's wider risk and reporting control frameworks. Significant tax matters are presented to and considered by the Group Board on a regular basis.
Our approach to tax risk management and governance is:
- To act in accordance with all applicable laws and regulations;
- To promote engagement with tax strategy at all levels of the business;
- To consider financial tax risk and reputational risk;
- To provide adequate training to key staff to help them identify new tax risks and manage our tax obligations.
- Attitude of the Group to tax planning
We do not undertake tax planning which does not support the Group’s genuine commercial activity.
We recognise a responsibility to pay an appropriate amount of tax in each of the jurisdictions in which we operate. Nonetheless, we pay due regard to our responsibilities to shareholders to structure our business affairs in an efficient manner.
- Level of risk in relation to taxation that the Group is prepared to accept
We have a low tolerance towards tax risk. The tax consequences of material transactions, such as Group restructuring are considered as part of our planning. Our assessment is supported by external tax advice where we deem it necessary.
- Approach towards dealings with HMRC
Being open and transparent with HMRC and all other relevant tax authorities about our tax affairs is a key component of our tax strategy.
Were we to identify an error in any of our tax filings we would notify HMRC and provide details of the issue identified. We would seek to quickly settle any amount due.
We have regular contact with HMRC in which we provide details of key transactions and business developments.
This tax strategy was approved by the Board of Beazley plc on 23 May 2024 and was published on 7 June 2024.
Annex
List of UK companies / branches covered by the tax strategy:
- Beazley plc
- Beazley Group Limited
- Beazley Staff Underwriting Limited
- Beazley Furlonge Limited
- Beazley Underwriting Limited
- Beazley Underwriting Services Limited
- Beazley Management Limited
- Beazley Solutions Limited
- Beazley Investments Limited
- Beazley Furlonge Holdings Limited
- Beazley Corporate Member (No. 2) Limited
- Beazley Corporate Member (No. 3) Limited
- Beazley Corporate Member (No. 6) Limited
- Beazley Leviathan Limited
- Beazley Security Limited
- Beazley Insurance dac UK branch
- Beazley Solutions International Limited UK branch
- Beazley Corporate Governance Services Limited
- BHI Digital UK Limited