1. Corporation tax strategy
Our approach to tax
Our businesses are primarily located in the UK and pay a significant amount of tax to UK local and national governments including corporation tax on profits (year ended FY16 post IPO debt restructure), social taxes on employment, taxes on property and environmental taxes. We also collect sales taxes charged to our customers and taxes paid by our employees.
Across all taxes, it is our aim to ensure that we calculate and pay the tax that is due at the correct time.
We carefully manage the tax risks and costs inherent in every commercial transaction through routine tax compliance. The group has no UK or offshore tax efficient structures.
The Chief Financial Officer has overall responsibility for oversight of tax affairs and receives updates on our tax position and the wider tax environment on a regular basis. In addition, taxation is discussed at the Group Risk and Audit Committees.
We have an open and effective working relationship with HM Revenue & Customs and have regular dialogue with them to discuss both developments in the business and our ongoing tax position. 1