Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 276

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 10
Chunk 276
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 (or other entity or arrangement treated as a partnership for U. S. federal income tax purposes) holds the Preference Shares, the tax treatment of the partners will generally depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. If you are a partner in a partnership owning the Preference Shares you should consult your tax advisor.

For purposes of this discussion, the term “ U. S. Person” means a beneficial owner of the Preference Shares that is (i) an individual citizen or resident of the United States, (ii) a corporation created in or organized under the laws of the United States, or organized under the laws of any political subdivision thereof, (iii) an estate the income of which is subject to U. S. federal income taxation regardless of its source, (iv) a trust if either (x) a court within the United States is able to exercise primary supervision over the administration of such trust and one or more U. S. Persons have the authority to control all substantial decisions of such trust or (y) the trust has a valid election in effect to be treated as a U. S. Person for U. S. federal income tax purposes or (v) any other person or entity that is treated for U. S. federal income tax purposes as if it were one of the foregoing.

Table of Contents

Taxation of the Company. Aspen Holdings and its non-U. S. subsidiaries (other than AUL and Aspen UK) intend to manage their business so that they are not treated as engaged in a trade or business within the United States and thus not subject to U. S. federal income tax on their net income. However, because there is considerable uncertainty as to the activities which constitute being engaged in a trade or business within the United States, we cannot be certain that the IRS will not contend successfully that one or more of these companies is engaged in a trade or business in the United States. If any of these companies is considered to be engaged in a trade or business in the United States during a taxable year, it generally will be subject to U. S. federal income tax (including an additional branch profits tax) on its net income that is treated as effectively connected with the conduct of a U. S. trade or business for such year (except to the extent an applicable income tax treaty provides otherwise), in which case its operating results could be materially adversely affected.

Non-U. S. corporations not engaged in a trade or business within the United States are nonetheless