Tax Strategy

Governance in relation to UK Taxation

The Board of Directors holds ultimate responsibility for the Group’s UK tax strategy, governance, and overall compliance.
Day to day responsibility for tax policies and procedures is delegated to the Chief Financial Officer (“CFO”).
The CFO ensures that robust policies and procedures are maintained to manage the Group’s UK tax obligations effectively.
Clear policies and controls are in place and are communicated to relevant team members equipping them with the necessary tools to perform their tax related responsibilities.
The CFO provides regular updates to the Board on material tax matters.
The CFO is supported by a qualified and experienced finance team, who receive ongoing training to maintain their expertise.
The CFO and finance team ensure that their tax knowledge remains current through professional development and regular engagement with external tax advisers.
The Group engages external tax advisers for advice, specialist support, and assurance to ensure ongoing compliance with UK tax legislation.

The Group regularly reviews and assesses its internal controls, procedures, and processes to identify, manage and mitigate potential tax risks.
Tax policies and controls are actively considered when evaluating transactions or activities with potential tax implications.
The Group regularly seeks external tax advice on both routine and complex matters to ensure that the tax implications and reporting obligations are fully understood before any transaction proceeds.
The CFO promotes open communication and regular discussions within the finance team to ensure awareness of new tax developments and their potential impact.
Identified weaknesses or risks are addressed promptly to maintain the integrity of the Group’s tax compliance framework.

The Board of Directors maintains a low-risk approach to taxation and is committed to full compliance with all applicable tax laws.
The Group does not condone, encourage, or engage in tax evasion and ensures that all taxes are accurately calculated and paid on time.
The Group adopts a prudent approach to tax planning, utilising available tax reliefs and incentives to support legitimate business activities.
External advisors are consulted on the appropriate use of tax reliefs and on the tax implications of commercial decisions ensuring transactions are conducted efficiently and within the spirit of UK tax legislation.
Commercial rationale and strategic objectives drive decision making – not tax savings.
The Group does not participate in aggressive tax planning or avoidance schemes or any arrangements that lack commercial substance.

The Group seeks to maintain an open, transparent, and constructive relationship with HM Revenue & Customs (HMRC).
The Group aims to respond to HMRC fully accurately and in a timely manner.
Where appropriate, the Group will seek advance clearance from HMRC on relevant transactions to ensure clarity and compliance.
The Group continues to engage with HMRC with the aim of establishing a Customer Compliance Manager relationship to further enhance open communication and proactive collaboration.