Financial results

Notice regarding tax strategy for Allianz Technology SE UK

Concerning financial year ending 31 December 2023

Tax Strategy Notice 

This strategy¹ applies to the Allianz Technology SE UK Branch. The Allianz Technology SE UK Branch is part of Allianz Technology SE, which is part of Allianz Group. 

Allianz operates in more than 70 countries including the UK. Tax is embedded in almost every aspect of doing business and heavily impacts the key financial data and performance of the Group. The Group’s key objective is to ensure full compliance with the tax regulations of all the countries in which it operates.

Allianz operates as a responsible tax payer and collector to ensure that the reputation of the Group is protected.

This includes accurate and timely re-porting, and effective tax risk management. In order to achieve consistent and full implementation of this target, the Group operates local tax functions in its major operations including the UK.

Standards for tax management across the Group are set out in the Allianz Standard for Tax Management.

Compliance with this internal standard and related implementation guidelines are monitored and challenged regularly through internal governance controls.

Allianz only accepts unavoidable tax risks at Group level as well as for the UK. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought.

Any tax planning and optimisation activities undertaken are compliant with tax laws and supported by solid business reasons to sustain a credible long-term reputation with tax authorities.

The Group engages with tax authorities, including HMRC, with honesty, integrity, respect and fairness and in a spirt of cooperative compliance. The Group is prepared to litigate where it dis-agrees with a ruling or decision of a tax authority but will first seek to resolve any disputed matters through proactive and transparent discussion and negotiation.

Introduction

This strategy applies to the Allianz p.l.c. Northern Ireland Branch. The Allianz p.l.c. Northern Ireland Branch is part of Allianz p.l.c., which is part of Allianz Group.

The Allianz Group has a global reach operating in more than 70 countries including the UK.  Being a tax collector as well as a taxpayer, tax is an integral part of our overall Group business principles and codes.   

The Allianz Group acts transparently and responsibly in all tax matters and works closely with experts, auditors and tax authorities, including HMRC, to ensure that we pay our fair share of taxes.

Tax Strategy and Principles

The Allianz Group tax strategy includes the following key rules and principles:

• Full compliance with tax regulations, accurate and timely reporting and effective tax risk management.
• Safeguarding of the Group’s reputation as a responsible taxpayer.
• Existence of a sound organisational set up for appropriate tax management.
• Full compliance of tax planning and optimisation activities with tax laws, supported by solid business reasons to sustain a credible longterm reputation with tax authorities.
• Disclosure of meaningful tax information in a transparent way.
• Continuous improvement and harmonisation of tax processes through simplification and digital solutions.

Tax Risk Management and Tax Governance 

These principles provide the basis for our Allianz Standard for Tax Management which represents the framework and minimum requirements for all tax relevant processes, methods and structures within the Allianz Group. 

All Group entities including those situated in the UK have to adhere to the standard when conducting their tax activities. 

With this standard, we are committed to a transparent compliance and disclosure policy, seeking to maintain good relationships with tax authorities, acting as a trusted partner, paying accurate amounts of taxes in a timely manner. 

In order to achieve consistent and full implementation of our tax strategy, the Group operates local tax functions in its major operations including the UK.   

Allianz’s appetite for tax risk is low.  We therefore seek to minimise tax risks by actively and continuously identifying, asessing, monitoring and managing them.

Tax Compliance and Tax Advocacy

We constantly aim for certainty in our tax positions and obtain internal or external advice and validate our position where appropriate.  If we seek rulings from tax authorities to confirm an applicable tax treatment, we do so based on full disclosure of all relevant facts and circumstances. 

We seek efficiency in tax matters, including the prevention of double taxation and pay only the tax due following reasonable interpretation and application of tax rules. 

We do not engage in aggressive tax planning or artificial structuring that lacks business purpose or economic substance.  Our tax activities are conducted with the clear understanding that all facts and circumstances must be disclosed to tax authorities.