UK Tax Strategy Statement

This UK Tax Strategy Statement is published for the following companies:

  • Global Aerospace Underwriting Managers Limited
  • Global Aerospace Underwriters Limited
  • Global Limited
  • British Aviation Insurance Group Underwriting Services Limited
  • British Aviation Insurance Group (Technical Services) Limited
  • Associated Aviation Underwriters Limited
  • BAIG Limited

Introduction

We are committed to high standards of corporate governance, transparency and responsibility in the execution of our business strategy in general, and tax strategy in particular.

Approach to Tax Risk Management and Governance

We maintain appropriate tax and accounting arrangements as required by the UK Senior Accounting Officer legislation through a strong system of internal governance, processes and controls. We strive to maintain compliance with tax laws and regulations using a Tax Risk and Control Matrix whose purpose is to identify and assess tax risks, apply controls to manage those risks, and reduce inherent risk to a low level, which is commensurate with our tax risk appetite.

We provide appropriate resources to deal with our tax obligations, take decisions at an appropriate level, and apply diligent professional care and judgment. Tax compliance work is reviewed and approved by experienced qualified accountants before submission to tax authorities. The annual corporation tax return is also reviewed by qualified external advisors before submission. We periodically engage qualified external advisors to review our compliance with each major area of tax. We maintain clear accountabilities up to and including the Group Chief Operating Officer. The Board oversees all risks, including tax risk, supported by the Audit Committee which reports regularly to the Board.

Attitude to Tax Planning

We approach tax planning in accordance with our core values, which include integrity and honesty, and we will not undertake tax planning that is contrived or artificial. Where eligible, we may seek to utilise certain reliefs and incentives, whilst complying with the law. External tax planning advice may be sought for material transactions, to assist in forming an opinion on uncertain positions, in instances where specialised knowledge is needed, or for overseas business ventures.

Approach to Dealing with HMRC

We are committed to maintaining an open and transparent approach to our dealings with HMRC. We take care to ensure that our tax affairs are reported accurately. If we were to identify a non-trivial underpayment in a submitted tax return, we would seek to voluntarily disclose it as soon as reasonably practical, quantify the effect of the error, and pay any additional tax and interest due as a result.

We endeavour to manage our tax affairs responsibly and transparently by raising significant compliance issues, uncertainties or irregularities with HMRC as appropriate, and by promptly providing full, accurate and helpful answers to HMRC queries.

Our published UK Tax Strategy Statement satisfies Para. 16 (2), Schedule 19, Finance Act 2016, in respect of our financial year ending 31 December 2024 and has been approved by the Board of Global Aerospace Underwriting Managers Limited.