In accordance with Schedule 19 of the UK Finance Act 2016, the below represents the Group’s tax strategy in effect for the year ended 31 December 2022.

 

Tax planning

The Group will maximise legitimate tax planning opportunities or utilise tax incentives for obtaining tax efficiencies where these:

  • are aligned with business and operational objectives
  • do not present significant reputational risk or damage our relationship with the tax authorities
  • tax incentives are aligned with the intended policy objectives of the authorities which introduced the incentives

Risk management

  • The Group controls and manages tax risks and the Group’s reputation through appropriate policies, communication and robust operational procedures
  • Updates on significant tax risks and developments is  a standing item on the Group Audit Committee meeting agenda
  • The Group maintains a detailed tax risk management policy and tax risk register which sets out the tax controls in place across the Group
  • The Group internal audit function has a specific tax audit work programme which is included in the individual operating unit audit reviews
  • The Group holds regular meetings with external tax professionals to ensure compliance with best practice

Compliance

The Group will strive to ensure:

  • full tax law compliance worldwide, including meeting all due filing and payment dates
  • the integrity of all reported tax numbers
  • the terms of the UK’s Double Taxation Treaties and relevant OECD guidelines for international tax matters are followed
  • strong and proactive relationships with the tax authorities are maintained
  • changes in the relevant tax law and practice in order to minimise material risks are monitored