UK Tax Strategy

We believe that we have the responsibility and duty to pay the appropriate taxes on our business transactions.

Our businesses comply with the local and national governments to ensure the correct amount of corporate tax on taxable profits, social taxes on employment, customs and excise duty on purchases, withholding taxes and environmental taxes are calculated and administered in a fully compliant manner. Our businesses also handle sales taxes charged to our customers and taxes deducted at source through payroll. These are all calculated and administered in full compliance within the territories in which we operate.

The principles governing the management of our tax affairs are consistent and fully aligned with the group's wider commercial, reputational and business practices, HMRC's framework for cooperative compliance and the CBI's seven tax principles consisting of the following:

  • Full compliance with applicable tax laws, rules, regulations and disclosure requirements;
  • Paying the right amount of tax based on the tax laws, rules and regulations of the territories in which we operate;
  • Interpreting tax law using relevant guidance and discussing such interpretation with tax authorities where appropriate;
  • Managing our tax affairs so as to enhance shareholder value, whilst ensuring the wider reputation of the group is not compromised;
  • Only undertaking tax planning which is aligned with a genuine commercial rationale;
  • Seeking to have constructive and transparent working relationships with tax authorities based on integrity, mutual respect and trust; and
  • Proactively managing and monitoring compliance with the above tax principles.

The Directors have approved this tax policy and our compliance with it is regularly reviewed.

The business has a low appetite for tax risk and maintains accounting systems and controls that are sufficient to support tax compliance obligations. A level of professional diligence and care in the management of all risks associated with tax matters is applied to ensure governance and assurance procedures are appropriate.

The underlying tax principles are actively monitored by the finance department locally and at our head office, our external advisors and the board.