Tax Strategy
WMIL is committed to fulfilling its tax obligations and being a responsible taxpayer in all jurisdictions it operates. The Group’s Tax Strategy sets out the company’s objectives and approach as approved by its Board of Directors.
WMIL regards the publication of this Strategy as compliance with its duties under paragraph 16(2) of Schedule 19 to the Finance Act 2016, in respect of the year ended 31 December 2021.
Objectives
WMIL's primary objectives are:
- To file all the appropriate tax returns and make all required payments in each of the jurisdictions in which it and its subsidiaries operate.
- To comply with all tax laws, regulations and rules in the countries in which it and its subsidiaries operate.
Risk Management
WMIL has a low appetite for tax risk. Tax planning is only undertaken in the context of wider business activities with a sound commercial and economic basis. WMIL does not enter into any transactions where the whole or main purpose is tax avoidance.
WMIL’s Board of Directors approves the tax policy on a yearly basis. At that time, the Board meets with White Mountains' global head of tax who has primary responsibility for tax management along with other members of the group’s tax department and finance staff. The group as a whole, including WMIH, has a risk assessment process to identify, measure and record all material tax risks. Tax risks are assessed and documented in line with the risk management framework and appropriate controls are put in place to mitigate the key tax risks identified from this process.
Tax Structuring and Planning
The commercial requirements of WMIH’s operations are the most important factor when analyzing business decisions and tax planning is only conducted in this context.
WMIH will however, utilize any entitlement to legitimate tax incentives and reliefs within the applicable tax laws and regulations.
White Mountains’s tax department, in conjunction with outside tax advisors undertake the majority of the tax activities for WMIH and its subsidiaries.
Approach towards dealings with Tax Authorities
WMIH wishes to maintain good working relationships with the Tax Authorities and other relevant bodies in the territories in which it and its subsidiaries operate.
To achieve this, WMIH is committed to dealing with the tax authorities in an open, honest and pro-active manner. WMIH will:
- disclose any errors or mistakes in tax returns to the relevant tax authorities as soon as practically possible;
- respond to enquiries raised by tax authorities in an open, full and timely manner, to progress enquiries as quickly as possible.
Our Tax Strategy Applies To:
WM International Holdings Ltd.
PassportCard Limited
WM Regent Ltd.
WM Birkdale Ltd.
WM Capital Ltd.