Tax Governance and Risk Management
The Group’s objectives in managing and controlling its tax affairs and related tax risks are to ensure compliance with all applicable rules, legislation and regulations in the jurisdictions in which it operates, paying the correct amount of tax as it falls due.
Day to day management of the Group’s tax risk management and tax compliance obligations is the responsibility of the Chief Financial Officer with the support of the Finance Director and Tax Director.
External advice is sought from leading tax advisors for complex or specialised tax areas or where legislative changes are expected to impact the Group’s tax position.
The overall governance and responsibility for the Group’s tax affairs rests with the Group’s Board of Directors.
Tax policies and risks are assessed for each new transaction and are reviewed regularly for changes in legislation.
We have a tax control framework in place to manage our tax risks. The controls are monitored frequently to ensure they are operating effectively.
Attitude to Tax Planning
Tax as a business expense is managed like any other cost and the Group utilises legitimate tax incentives or opportunities for obtaining tax efficiencies. The Group only undertakes tax planning which is aligned with a genuine commercial rationale and within the tax laws of the relevant country.
Tax Risk Appetite
Significant tax risks, implications arising from these risks and potential mitigating actions are considered by the Board when strategic decisions are taken – the tax risks of proposed transactions or new areas of business are fully considered before proceeding.
We have a low appetite for tax risk which can be defined as not undertaking any transactions involving taxes that are not fully supported by commercial activities.
Working with HMRC
The Group maintains a co-operative and pro-active relationship with HMRC, and the tax authorities of other relevant jurisdictions, to encourage an open relationship and reduce our risk profile.
Where any tax law is unclear or subject to interpretation, we will engage with external tax advisers to ensure we remain compliant with the relevant tax laws and to share our view with the tax authorities as applicable. This tax strategy relates to the accounting year ended 31 December 2025 and has been prepared in accordance with Schedule 19, paragraphs 16 and 17 of the Finance Act 2016. (December 2025)