UK Tax policy
Our UK tax policy applies to Agria Pet Insurance Limited and Agria Forsakring UK branch, which we will collectively refer to as “AGRIA”. This publication complies with the transparency requirement under paragraph 16(2) of Schedule 19 of the Finance Act 2016, according to which certain companies in the UK are required to publish their tax strategy online as it relates to or affect UK taxation.
AGRIA recognizes the importance of responsible and sustainable company management. As part of this, we maintain a high standard of tax compliance and consider all applicable legal requirements related to taxation.
Risk management and governance
At AGRIA we seek to stay updated about the developments in the area of taxation. The responsibility of developing the overall tax policy of the group lies with the Swedish parent entity and the Board of directors. Strategic decisions which have significant areas of risk with tax implications are managed by the Board of directors. The day to day management is carried out by the Finance Director. Hence, the responsibility of developing and implementing the groups tax policy is shared between different levels of the group, which increases the overall awareness.
To ensure tax compliance, there are IT-systems in place to record, calculate and collect the right amounts of tax. Further, we seek external advice from qualified tax advisors to ensure compliance with all legal requirements, particularly in relation to complex areas of taxation.
Attitude to tax planning
When structuring our business, we will consider relevant tax legislation. Further, we will not undertake contrived or aggressive tax planning. Obtaining a tax advantage does not form part of commercial or business decision making process.
As part of a multinational group, AGRIA is exposed to a variety of tax risks. The group considers there to be two main categories of risks. First, there are the risks related to transactions and compliance, e.g. ambiguous tax legislation as well as changes in the legislation relevant to the insurance sector. Secondly, there are the reputational risks, i.e. non-financial tax risks that may impact the group’s relationship with shareholders, clients, tax authorities and the general public.
Our business’s internal governance has rigid levels of acceptable tax risk. As the group consists of mutual insurance companies owned by the policyholders, there are no external shareholders which mean that the focus is on the needs of the policyholders.
Relationship with HM Revenue & Customs (HMRC) and other tax authorities
AGRIA seeks to have a transparent and positive cooperation with HMRC and other relevant tax authorities. We are committed to achieving this through open and honest communication, in areas where we agree as well as areas where the legal interpretations may initially differ. Further, we strive to comply with all relevant deadlines in a timely manner.