Our Tax Strategy
Our tax strategy, approved by the Board of Omnilife Insurance Company Limited (“Omnilife”), sets out Omnilife’s approach to conducting its tax affairs and dealing with tax risks for the year ending 31 December 2018.
Tax risk appetite
Omnilife’s long-term strategy is to deliver a highly valued proposition for customers in our chosen segments and generate sustainable profitable growth for shareholders. In achieving its strategic objective, Omnilife has a low risk appetite for regulatory and reputational risk, which it seeks to minimise. In line with this approach, Omnilife has a low appetite for towards tax risk and only makes use of incentives and reliefs that comply with applicable tax laws and regulations. Omnilife also seeks to minimise the risk of dispute with HMRC by being open and transparent about its tax affairs.
Omnilife has in place processes for identifying and addressing current and future tax risks. This involves ongoing monitoring by the Finance function, supported by outsourced, tax and internal audit functions. The Audit & Risk Committee provides regular oversight.
All tax returns and other submissions to HMRC are prepared by external tax specialists, with input, review and approval by the Finance function and CEO prior to submission. Emerging tax risks are assessed on a case by case basis, using additional external tax advice where necessary, allowing Omnilife to arrive at well-reasoned conclusions on how each individual risk should be managed.
The tax affairs of Omnilife are non-complex and opportunities for commercial advantage through tax planning are limited. Omnilife therefore, does not currently plan its tax affairs above and beyond effectively utilising standard incentives and reliefs that comply with applicable tax laws and regulations. Omnilife would consider the tax implications of any future significant transactions and, where relevant, plan its tax affairs accordingly to achieve the best commercial result for its shareholders. However, the commercial needs of the business will in no circumstances override compliance with applicable tax laws and regulations.
Approach towards dealings with HMRC
Omnilife is committed to the principles of openness and transparency in its approach to dealing with HMRC. Interaction with HMRC is currently infrequent due to the size of the Company and the low complexity of its tax affairs. However notwithstanding this, Omnilife commits to:
- Making fair, accurate and timely disclosures in correspondence and returns
- Responding to queries and information requests in a timely fashion
- Being open and transparent about decision-making, governance and tax planning