Our tax responsibilities

Understanding tax risk, how to manage it, and how it impacts all our stakeholders are important parts of running our business responsibly. That is why we have a tax risk management policy that is approved annually by the Board.

This policy is underpinned by our Board-approved tax principles. These principles guide our policy, behaviours and decisions with respect to tax.

We believe it is important to take a balanced approach to tax. So our tax principles and tax risk management policy also reflect the interests of our range of stakeholders: clients, shareholders, employees, tax authorities and the wider community.

Our tax principles

 Core to our business

We recognise that tax is an important feature of our business, affecting our main products and services as well as being levied on the profits made from running our business, and that our approach to tax should be compatible with our overall Sustainability strategy.

 Compliance and disclosure

Wherever we operate, we will act in an open, honest and transparent manner with revenue and governmental authorities and other relevant bodies at all times in a manner consistent with local practice.

We will not enter into any transaction or arrangement that is contrary to the local General anti-Abuse / Avoidance Rules.

 Relationships with tax authorities

We will build and maintain professional and constructive relationships with the tax authorities with which we work.

 Commercial rationale

We will manage and control tax within a commercial context such that all transactions and arrangements are based on a primary underlying business purpose and commercial rationale beyond the tax benefits.

 Influencing

We will actively engage with legislators, tax authorities, representative bodies and other relevant third parties to inform and promote a sustainable tax environment that is in the best interests of our stakeholders.

 Reputation

In managing the Group’s tax affairs we will take into account potential reputational implications and how our tax affairs could be perceived by our stakeholders.

 Tax planning

We will plan and manage our tax affairs to ensure that we make appropriate claims for reliefs and deductions provided by the law where it is cost-effective to do so.

We will not enter into transactions or arrangements whose sole or main purpose is the avoidance of tax.