Introduction
This tax strategy sets out our approach to managing the group’s tax affairs. It has been approved by our CEO and is subject to periodic review by our board of directors.
It is compliant with the requirements of Schedule 19 of Finance Act 2016 and relates to the financial year ended on 31 March 2025.
UK tax risk management and appetite
We are committed to being a responsible and compliant taxpayer in any countries where we operate.
Our finance team, who report directly to the board, regularly review the operations of the group to identify all potential inherent tax risks and regularly liaise on all such matters with our external advisers with a view to ensuring that the group’s tax affairs are in good order and uncertainties are minimised.
The group maintains appropriate levels of internal competence in corporate and transactional taxes to ensure that all returns are properly prepared and that indirect and payroll taxes are dealt with and reported within all requirements. External tax advisers are used to support these processes as required.
We do not undertake any transactions led by a tax planning purpose although we do consider the tax consequences of transaction that we undertake as part of our commercial and investment operations. When evaluating a taxation matter, we consider the level of risk and any tax reliefs or opportunities available to us that are clearly within the legislation and related HMRC guidance.
Relationships with tax authorities
We engage openly and constructively with HMRC on matters relating to our tax affairs. We share information about our commercial developments or transactions, especially where there are complex tax treatments. The group is committed to ensuring that when doubt exists over the appropriate tax treatment of complex transactions, it will engage positively and appropriately with HMRC to ensure that, as far as possible, such matters are dealt with correctly at all times.