IRB Brasil Resseguros S.A is currently one of the most important reinsurance companies in Latin America due to its tradition, sound financial position and technical knowledge. IRB Brasil Resseguros S.A is the leading reinsurer in Brazil, operating in a highly competitive market.
IRB Brasil Resseguros S.A. (London) is the London branch of IRB-Brasil Resseguros S.A through which it operates as a foreign reinsurer in the London Market.
In making this strategy available the UK branch is fulfilling its responsibilities under paragraph 16(2) Schedule 19 FA 2016 for the year ended 30 September 2017.
Our tax risks
We consider the tax risks for our business to be low, and will seek advice and guidance from IRB Brasil Resseguros S.A. on issues such as transfer pricing. All IRB subsidiaries and branches operate jointly but meeting specific demands as to their location. The London Branch, for example, reports its operations to Head Office located in Brazil, but has autonomy to meet local demands as needed, always following the best tax practices, and in accordance with current OECD principles.
How we manage tax risk
We ensure that staff receive appropriate training and supervision to accurately reflect the tax nature of transactions. The management provides oversight and takes responsibility to ensure tax matters are correctly dealt with.
For more complex matters, we consult with our external tax advisors. We would then act based on their advice, for example making any relevant disclosures to HMRC, or seeking clearance on certain arrangements. Our intended approach is to work collaboratively with HMRC to manage our tax risk.
Our attitude to tax planning
Our tax affairs are straight forward, we ensure that we pay the right amount of tax based upon our trading results with the minimal use of acceptable tax planning strategies. We seek to operate in the most tax efficient manner, making use of all relevant exemptions and incentives put in place by relevant tax authorities and OECD principles.
We work with IRB Brasil Resseguros S.A., on global tax decisions but we mainly act independent in terms of making UK tax decisions, but focusing on the company’s overall guidelines.
Our tax strategy is not aggressive and we do not engage in artificial tax arrangements
Our relationship with the tax authorities
Our relationship with HMRC is professional and straightforward, cooperating as and when required. We work with our tax advisers (who act as agent on our behalf) to ensure that we meet all compliance obligations and that we pay the correct amount of tax.
We support the G20’s multilateral moves towards greater transparency in order to increase understanding of tax systems and build public trust. Therefore, in accordance with OECD principles, we provide the necessary information to the tax authorities in which we operate to allow them to understand the operation and tax risk profile of IRB Brasil Resseguros S.A.