In compliance with our duty under Section 16(2) Schedule 19 of the Finance Act 2016 we set out below our UK tax strategy for the financial year ended 31 December 2019.
The Markel Style is our corporation’s statement of commercial ethos and is found at markelcorp.com/about-markel/markel-style
Markel’s financial goals are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. The UK tax strategy of Markel is consistent with such objectives. Markel has a strong focus on corporate responsibility and a commitment to the communities in which it operates and we consider responsible administration and payment of taxes as an obligation of our doing business.
Above all, the Markel UK tax strategy reflects the honesty and fairness that we commit to in the Markel Style.
We seek to deliver long-term economic growth value to our shareholders while complying fully with tax laws and regulations that apply in all the territories in which we operate. In our view our shareholders would expect no less.
While we undertake tax planning as part of our overall business strategy we do not enter into abusive tax planning transactions nor do we engage in transactions that have no commercial rationale in order to obtain a tax benefit. From time to time we do undertake transactions that have a clear commercial rationale and that also produce a beneficial tax outcome. In those circumstances we take into account both the letter of the law and the intent of the law seeking counsel from external experts where appropriate to ensure that our interpretation of the law is reasonable and consistent with market practices.
Our tax arrangements are based on commercial business and economic activities. We rarely undertake transactions or employ tax planning strategies that do not have a clear and certain tax outcome. When such circumstances do arise we seek professional opinions and tax advice from independent external advisors to provide comfort that the tax outcome is more likely than not to be correct. Where appropriate we seek to engage with tax authorities to disclose and resolve tax issues, risks, and uncertain tax positions.
In keeping with the ethos of the Markel Style we seek to maintain open and honest relationships with HMRC and other taxation authorities in all the territories in which we operate, to treat them with the respect that we would in turn expect from them and to engage with them on a real-time basis on any matters of significance or concern. In the UK we regularly engage with HMRC through our Head of Tax to discuss our tax affairs, striving to address potential issues quickly and in a collaborative manner. In short, we endeavour to display respect, cooperation, and integrity in all our dealings with tax authorities.
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ACCTX UK Ltd
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Alterra Capital America Ltd
Alterra Capital Brazil Ltd
Alterra Capital Service UK Ltd
Alterra Capital UK Ltd
Alterra Corporate Capital 2 Ltd
Alterra Corporate Capital 3 Ltd
Alterra Corporate Capital 4 Ltd
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Markel Underwriting Services Ltd
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Volante Global (Services) Ltd
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