Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem. Using advanced technologies to collect and analyze billions of records, we draw on unique data assets, insurance industry knowledge, and technological expertise to provide valuable solutions that are integrated into client workflows. We offer predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe, weather risk, and many other fields. We help clients protect individuals, communities, and businesses.
This UK tax strategy, which applies to the UK subsidiaries of Verisk Analytics, Inc. (“Verisk”) (listed in Appendix 1), sets out Verisk’s approach to conducting its tax affairs and managing tax risks in the UK. It has been published in accordance with paragraph 19(2) Schedule 19 to the Finance Act 2016 and relates to the year ended 31st December 2023.
Verisk’s UK tax strategy is aligned with our overall approach to corporate governance and risk management, including Verisk’s Code of Business Conduct and Ethics.
The UK Tax Strategy defines the Board approved objectives with respect to Verisk’s approach to tax and tax risk and in particular, Verisk will:
Verisk has a dedicated Group Tax Team who are responsible for overseeing the day-to-day tax compliance obligations of Verisk Group Companies and managing Verisk’s tax risks. Verisk manages risk by employing appropriately qualified and experienced tax professionals in the Group Tax Team.
The Group Tax Team collaborates across business functions to ensure that tax consequences of business changes are considered and that decisions are taken at an appropriate level of authority; including board approval and engagement with HMRC as needed. The Group Tax Team is led and managed by the Vice President of Tax who reports directly into the Chief Financial Officer of Verisk Analytics Inc.
Diligent professional care and judgement will be employed to identify, assess, and manage tax risks. Where a tax risk is identified, it will be promptly brought to the attention of the appropriate senior personnel. When making decisions on tax risk, the materiality of any item is taken into consideration, as well as the costs of effective risk mitigation.
Verisk believes that external tax advisors can add value, particularly when providing advice regarding new legislation and case law or in complex areas where further analysis is beneficial. All external advice is reviewed by the in-house tax team to ensure any outcome is in line with our overall tax strategy and approach to managing risk. Furthermore, where appropriate, the Group Tax Team actively engages with HM Revenue & Customs (“HMRC”) through Verisk’s Customer Relationship Manager to address areas of tax risk and create additional certainty.
Verisk conducts its business on sound commercial principles and, in doing so, considers all relevant costs, including tax. Any tax planning is based on reasonable interpretation of applicable tax law with due consideration and is aligned with the substance of the economic and commercial activity of our business. Commercial principles and decisions are paramount when considering any tax related matter and must be considered in the first instance. Where multiple legitimate options are available to implement a transaction, the most tax efficient method will normally be chosen.
Verisk is committed to ensuring that intra-group transactions are in accordance with the arm’s length principle.
As a large, multinational organization, Verisk and its UK subsidiary companies can be exposed to tax risk. Where such risks arise, they are identified, evaluated, and managed in a proactive manner. We monitor operations, tax structures and arrangements so that they comply with changing tax laws and regulations. We consult with external advisors when there is uncertainty as to the proper interpretation or application of tax laws or regulations related to a material transaction.
Verisk and the Group Tax Team deal professionally, transparently, and appropriately with all tax authorities and actively works with HMRC and the Verisk’s Customer Relationship Manager. In particular, Verisk:
Appendix 1: Verisk UK Group Companies as at 31 December 2023
Arium Limited
AIR Worldwide Limited
Automated Insurance Solutions Limited
Business Insight Limited
Contact State Limited
Datarise Limited Limited
Datum Point Consulting Limited
Emergent Network Intelligence Limited
GeoInformation Group Limited
Ignite Software Systems Limited
Maplecroft.Net Limited
Marvel Newco Limited
Morning Data Limited
Rebmark Legal Solutions Limited
Sequel Bidco Limited
Sequel Business Holdings Limited
Sequel Equityco Limited
Sequel Holdco 1 Limited
Sequel Holdco 2 Limited
Sequel Midco Limited
Sequel Rulebook Limited
V Acquisition Co. Limited
Verisk Analytics Limited
Verisk Claims UK Limited
Verisk Limited
Verisk Risk Rating Ltd
Verisk Specialty Business Solutions Ltd
Whitespace Software Limited