Tax Strategy

Tax strategy

Tokio Marine Asset Management (London) Limited Tax Strategy

This Tax Strategy details the approach taken in relation to ensuring that the UK tax obligations of Tokio Marine Asset Management (London) Limited are understood, properly managed and complied with.  This Tax Strategy applies to all UK taxes applicable to Tokio Marine Asset Management (London) Limited and the document is owned by the Board of Directors of Tokio Marine Asset Management (London) Limited.

Tokio Marine Asset Management (London) Limited operates its business responsibly, complying with all local laws and regulations that govern its operations, whilst seeking to be fair, honest and transparent in our dealings with all of our stakeholders.  Its Tax Strategy is consistent with this approach.

Approach to UK tax risk management

Tokio Marine Asset Management (London) Limited has a strong risk reporting and risk governance system in place to ensure effective risk management of all areas of financial, operational and regulatory risk.  Management of tax risks is undertaken on a basis consistent with the management of other risks. 

The COO, who is the Senior Accounting Officer is accountable for ensuring that Tokio Marine Asset Management (London) Limited has appropriate tax accounting arrangements in place.  Accounts department of Tokio Marine Asset Management (London) Limited is responsible for day to day tax matters.

Accounts team, who are responsible for all tax matters, liaises with key internal stakeholders, as well as colleagues in the wider Tokio Marine group. Together they identify, assess and control tax risks that arise as a result of Tokio Marine Asset Management (London) Limited’s nature of business or transactions. External advice is sought on specialist or uncertain matters, such as transfer pricing and VAT implications.

Controls and procedures are in place to mitigate the risk of inaccurate or late tax returns and tax payments and we are committed to compliance with UK tax law and practice.  Changes to, and new, tax legislation or practices relevant to UK tax are monitored with changes made to procedures being implemented when required. 

Approach to UK tax planning

Tokio Marine Asset Management (London) Limited does not engage in UK tax planning that solely relates to the avoiding of tax or that involves an aggressive interpretation of tax law.  Where there are ambiguities, or the technical tax position in relation to our understanding of proposed transactions is not clear, then we will consult with external advisors and/or HMRC, where appropriate, with a view to following the correct treatment under tax law.

Acceptable tax risk

In line with Tokio Marine Asset Management (London) Limited’s wider policy in relation to financial risk management, the level of acceptable UK tax risk is at the cautious end of the spectrum, allowing Tokio Marine Asset Management (London) Limited to protect its position.

This approach means that UK tax positions are not taken where it is deemed that a successful HMRC challenge to such arrangements would be likely.

Relationship with HMRC

Tokio Marine Asset Management (London) Limited sees open, constructive and transparent discussions with HMRC as a key and valuable part of managing their tax compliance framework.  We seek to engage with HMRC on an honest basis with real time working when necessary.

Tokio Marine Asset Management (London) Limited considers that that publication of this strategy complies with the duty under paragraph 16(2) of Finance Act 2016.