Tax strategy

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