GROUP TAX STRATEGY AND POLICIES

STRATEGY

The UK Group is committed to acting with integrity and transparency in all tax matters.


Our tax strategy and policies require that we fully comply with the letter and spirit of UK tax law.


We file timely and accurate tax returns that reflect our fiscal obligations to Government.


We aim for certainty on all tax positions we take and our policy is to not make interpretations of tax law that are opposed to its original intent.

To support us in ensuring that we have interpreted tax law and its spirit correctly, we seek advice from large accounting firms, legal firms and/or tax counsel as appropriate.

Relationship with HM Revenue & Customs

An important part of our tax strategy and policies is the maintenance and development of a strong, proactive working relationship with HM Revenue & Customs (“HMRC”).

Tax Disclosure

We understand the value of our financial reporting to customers, investors and other stakeholders. We work to provide enhanced, transparent and balanced disclosure in communicating our tax affairs.

TAX GOVERNANCE

Tax is part of the Finance function of the UK Group and is the ultimate responsibility of the Finance Directors of each of the UK companies.

Tax strategy and policies are reviewed on an on-going basis by the Board of Directors of each company. Tax strategy and policy issues are assessed on a case-by-case basis by the Finance Directors.

Day-to-day tax matters are delegated to the UK Group Tax Managers.