Introduction
McGill and Partners Group Ltd (‘McGill and Partners’) is a specialist global insurance broker, operating through a number of regulated entities in the UK and internationally. The group provides broking and advisory services across complex and large-scale risks, in which McGill and Partners support through delivering operational and administrative functions to the wider business. Established in 2019, the firm continues to expand its international footprint while maintaining robust governance and compliance arrangements across all jurisdictions in which it operates.
This UK tax strategy is published on behalf of the group in compliance with paragraph 16(2) of schedule 19 of the Finance Act 2016 and applies to all direct and indirect subsidiaries within the UK group.
Approach to risk management and governance
McGill and Partners operate a formal governance hierarchy that oversees output of the firm’s risk management activities, which are deployed per the firm’s Enterprise Risk Management Framework. The entity Boards are accountable for tax strategy and the management of taxes, but delegate day-to-day responsibility to the Group CFO.
McGill and Partners proactively seek to identify, evaluate, treat and monitor all key risks to the firm. Tax related risks are identified and managed by the Finance Committee, chaired by the Group CFO, and are reported to the relevant Boards via the Group Risk Committee as appropriate.
Attitude towards tax planning
McGill and Partners manages its tax affairs to support the business and uses available incentives and reliefs to reduce necessary tax costs, but only to the extent that they support genuine commercial objectives and are aligned to their understanding of the intent of legislation. McGill and Partners do not use contrived or artificial tax structures that are intended for tax avoidance or that have limited commercial substance.
McGill and Partners accepts that tax risks will inevitably arise and seeks to proactively manage these risks to the acceptable level set by the Board. Tax decisions are considered on an individual basis, with careful attention given to technical, operational and reputational factors.
McGill and Partners will seek external advice when there is uncertainty in the interpretations of tax law or when dealing with complex tax matters. The Board sets the overall risk parameters, while external advisors are engaged to provide guidance in instances where laws and regulations are subject to interpretation.
Approach to dealing with tax authorities
McGill and Partners is committed to fostering a transparent, collaborative, and professional relationship with HMRC. McGill and Partners aim to engage proactively, responding to enquiries in a timely and accurate manner, and disclosing all relevant facts. Should any disagreements arise, McGill and Partners will work constructively with HMRC to resolve them efficiently and amicably, seeking clarity and certainty in their tax affairs.