The tax strategy and tax policies of our UK group

 

Strategy

  • The UK Group is committed to acting with integrity and transparency in all tax matters.
  • Our tax strategy and policies require that we fully comply with the letter and spirit of UK tax law.
  • We make timely and accurate tax returns that reflect our fiscal obligations to Governments.
  • We aim for certainty on tax positions and our policy is not to make interpretations of tax law that are opposed to its original spirit.
  • To support us in ensuring that we have interpreted tax law and its spirit correctly, we seek advice from large accounting firms, legal firms and/or tax counsel as appropriate.

 

Our relationship with HMRC (HM Revenue & Customs)

  • An important part of our tax strategy and policies is the maintenance and development of a strong, proactive working relationship with HMRC.
  • We are transparent with HMRC and, in cases of interpretation or complexity, work with them on a real time basis to determine the amount of tax due.

 

Tax disclosure

  • We understand the value of our financial reporting to customers, investors and other stakeholders. We work to provide enhanced, transparent and balanced disclosure in communicating our tax affairs.

 

Governance

  • Tax is an integral part of the Finance function of the UK Group and the Financial Directors/CFOs of each of the UK-based companies have ultimate responsibility.
  • Tax strategy and policies are reviewed on an on-going basis by the Board of Directors of each company. Tax strategy and policy issues are assessed on a case by case basis by the Financial Directors
  • Day-to-day tax matters are delegated to the UK Group Tax Managers.