Vibe Syndicate Management Limited (“Vibe”) was acquired by Randall & Quilter Investment Holdings Ltd. (“R&Q”) in May 2021. R&Q also directly owns Inceptum Insurance Company Limited (“Inceptum”). References to Vibe below also cover Inceptum.
Vibe’s tax strategy is
- To satisfy all tax compliance obligations within the relevant statutory timeframe and in compliance with the relevant tax law, disclosure requirements and regulations;
- To maintain good working relationships with all tax authorities in jurisdictions where the Vibe has a legal presence and with other external stakeholders including regulatory authorities and Lloyd’s;
- To contribute to shareholder returns on a sustainable basis by organising its tax affairs efficiently within the letter and spirit of the laws of the territories in which it operates
Management of tax risks
Vibe faces similar tax risks to other groups operating in the Lloyd’s insurance market.
- Day-to-day management of tax risks is undertaken by the Finance team. The Finance team is comprised of members of professional accounting bodies.
- External tax advisors are engaged to assist with the management of tax risks. Their role includes preparing and submitting tax returns, ad-hoc advice and highlighting any changes in tax requirements/legislation that might require action. All returns are reviewed by the Finance team prior to submission.
- Tax advice is sought for any matters where it is perceived there might be a tax exposure.
- The Board has oversight on tax matters and is briefed on key tax developments and tax impacts of commercial transactions when deemed appropriate by the CFO.
Attitude to tax planning and level of risk
- Vibe’s policy is to pay the right amount of tax as required by local tax laws in each jurisdiction. It has a low risk appetite towards tax risk.
- Vibe does not engage in aggressive tax planning or tax planning that lacks commercial purpose.
- External advice is sought to consider the tax consequences for any complex transaction.
Relationship with tax authorities
- Vibe believes in having a collaborative, open and honest relationship with all tax authorities
- In the event of discovering an inadvertent error or mistake in a submitted tax return, Vibe will provide full and voluntary disclosure to HMRC as soon as practical, including the reason(s) for the error. Vibe will then co-operate fully with any follow-up queries, ensure prompt settlement of any outstanding tax liability and put process improvements in place to mitigate the tax risk going forward. Vibe aims to deal with queries from HMRC on a timely basis and provide full information to explain how the business operates and manages tax risks.
Vibe regards this strategy as complying with paragraph 19(2) of Schedule 19 of the Finance Act 2016 in respect of the year ended 31 December 2020.