Randall & Quilter Group Tax Strategy

R&Q Insurance Holdings Ltd is the parent company of the R&Q Group (‘R&Q’). The Group operates as a specialty insurance group which offers Legacy insurance and Program Management.

This Tax Strategy statement has been approved by the Board of R&Q Insurance Holdings Ltd (‘the Board’).

How the Group manages Tax Risk

Our Tax Strategy centres around our commitment to fulfil our tax compliance obligations and ensure we pay the right amount of tax across the Group.

The Group has a robust risk governance framework across the business which is set by the Board. A key part of that framework is the governance and oversight of Tax matters which is outlined in our Annual Report.

The Group Risk and Compliance Committee reports to the Board on a quarterly basis and any material tax risks are recorded. The Group Audit Committee is regularly updated on all significant Tax matters across the Group.

The Group engages with external advisers across the group to ensure that it has sufficient awareness of any new or emerging Tax risks, to ensure that tax compliance and filing obligations are met, and to gain advice on technical issues or uncertain matters. The Finance Team regularly engages with key business areas to ensure that tax matters can be given due attention.

The Group Chief Accounting Officer is responsible for the effectiveness of, and compliance with, the Group’s processes and controls in relation to tax under the Senior Accounting Officer requirements.

The Group’s Attitude to Tax Planning

The Group does not undertake aggressive tax planning and is mindful of its responsibilities to meet its tax obligations in each of our locations. Where there are complexities or ambiguities in a particular area of tax law, we will likely seek the support of external advisers with a view to following the correct treatment under tax law. We do not support the undertaking of any activities which may cause an artificial or contrived tax outcome.

The Group proactively manages its tax affairs to ensure the right amount of tax is paid in the right location at the right time. Where possible, the Group will utilise tax credits and tax reliefs which are available under local law.

How the Group determines an acceptable level of risk for Tax Purposes

Tax Risks can arise in numerous ways such as changes to legislation or Business strategy, major projects, or inadequate in-house resource. The Group Risk and Compliance Committee and the Group Chief Accounting Officer will ensure that the Board is aware of any Tax risks arising.

The Board will have due regard for the legislation, guidance or notices issued by the local tax authorities, local practices, any relevant case law, commercial and regulatory consequences, and any other relevant matters in determining whether or not a particular risk is acceptable.

The Board will not take a position that may undermine its relationships with any Tax authority, nor that may be likely to give rise to reputational damage.

How the Group works with Tax Authorities

The Group is respectful of the role of Tax authorities and conducts its tax affairs in an open and transparent manner with all Tax authorities, adopting a co-operative approach to resolving queries as they arise. It will engage professionally and promptly with representatives of Tax authorities in all locations.

This Tax Strategy is in accordance with the requirements of Paragraph 16(2), Schedule 19, Finance Act 2016 for UK tax purposes.

19 December 2023