Our approach to tax
We aim to comply with tax rules to ensure we pay the right amountof tax at the right time. We consider tax risks and opportunities aspart of running our business, however, we take a prudent
approach and do not enter into transactions designed to obtain
artificial or aggressive tax outcomes.
This tax strategy applies to the Society of Lloyd’s, sometimes
known as the Corporation of Lloyd’s (the “Corporation”), and its
subsidiaries.
Corporation overview
The Corporation was incorporated in the UK by the Lloyd’s Act 1871. The activities of theCorporation are governed by statute and managed by the Council of Lloyd’s in accordance with theLloyd’s Act 1982.
The Corporation’s principal activities are•••to facilitate the carrying on of insurance business by the Members of Lloyd’s;
the advancement and protection of the interests of the Members of Lloyd’s; andthe provision of market infrastructure, including maintenance of the Central Fund (where assets
are held primarily for the protection of policyholders).

The main sources of income of the Corporation are subscriptions from the Members of Lloyd’s andinvestment returns on assets held in the Central Fund.
ScopeThis tax strategy applies to the Corporation and its subsidiary undertakings in relation to themanagement of the UK taxes stipulated in Paragraph 15(1) of Schedule 19 to Finance Act 2016.
The Corporation regards publication of this document as complying with its duty under Paragraph16(2) of Schedule 19 to Finance Act 2016 for the financial year ending 31 December 2023.
This tax strategy does not apply to the underwriting Members of Lloyd’s each of whom is a separate
legal person (or partnership whose partners are legal persons) responsible for managing their own
UK tax affairs.
Key roles and responsibilities
The Council of Lloyd’s is the governing body of the Corporation and has ultimate responsibility for theoverall management of the business. Day-to-day management of the tax function is the responsibilityof the Head of Tax who reports to the Chief Financial Officer.
Governance of tax risk and risk appetite
Tax forms part of the wider approach to identifying and reporting risks set by the Risk Committee andis subject to an internal control framework. The tax function led by the Head of Tax is responsible forPage 1 of 2

OUR APPROACH TO TAXmonitoring and documenting tax risks on an on-going basis and maintaining a risk register to manage
tax risk.
Tax risks with either a reputational or significant financial impact are reported to the Chief Financial
Officer and through the risk management function to the Risk Committee. If required, tax risks canbe further escalated to the Council of Lloyd’s.
We aim to comply with tax rules in every country in which we operate to ensure we pay the rightamount of tax at the right time.
Notwithstanding this, we recognise that tax law is complex and that we will not always get everythingright or be in full agreement with HM Revenue and Customs’ (“HMRC”) or other tax authorities’interpretation of the law.
Approach to tax planning
We consider the tax impact of business decisions as part of running our business. We aim to claim
any and all tax reliefs to which we are entitled to ensure we are providing a “value for money” service
to the Members of Lloyd’s. We implement tax efficient structures where there are choices but do notseek to obtain artificial or aggressive tax outcomes.
The in-house tax function contains appropriately qualified and experienced staff who are required toundertake continuous professional development to ensure they maintain the relevant knowledge andskills required for their role.
External tax advice is usually obtained for complex tax matters, where the law is new, unclear or
where there is significant tax at stake to augment the knowledge, skills and experience of the inhouse tax function and additionally for certain overseas matters where the in-house tax function lacks
expertise.
Approach to dealing with HMRC
We aim to have an open and collaborative working relationship with HMRC communicating regularly
on a real-time basis. We are straightforward and transparent in our communications with HMRC andact with integrity.
We aim to••••proactively manage tax issues by engaging with HMRC upfront where there is significant
uncertainty in the interpretation of UK tax law;
respond to queries from HMRC promptly and constructively;
make full and unprompted disclosure to HMRC if we discover inadvertent errors in historic tax
returns; andcontribute to consultations in relation to developments in UK tax law that may affect theCorporation, its subsidiaries or the wider Lloyd’s market and where we feel our view would be
helpful to Government.