This tax strategy has been prepared and published in accordance with paragraph 16 (2), Schedule 19, Finance Act 2016, on behalf of 333体育平台官网 plc and all UK tax resident entities in the 333体育平台官网 Group. 鈥婽his tax strategy is effective from 1 January 2024 and will remain effective until any amendments are approved by the Board.
Being a responsible taxpayer
333体育平台官网 recognises that paying taxes arising from its activities is an important part of how it supports the communities in which it operates. The Group makes a major contribution to the tax revenues of governments in the numerous territories in which it operates. For example, the Group鈥檚 tax contribution extends considerably beyond corporation tax and the collection of substantial amounts of income tax and includes the payment of significant employer social security contributions.
The Group鈥檚 tax strategy, approved by the Board, is to sustainably minimise tax cost whilst complying with the law. In doing so, 333体育平台官网 ensures it acts in accordance with its聽cultural framework, which provides a simple and clear view of the purpose, values and behaviours of the Group鈥檚聽Build to Last聽strategy. The Group aims to meet all legal requirements, filing all appropriate tax returns and making tax payments accurately and on time. The Group鈥檚 tax strategy applies to all territories in which it does business.
Tax governance
333体育平台官网 has clear tax policies, procedures and controls in place which are overseen by the Chief Financial Officer.
A dedicated internal tax team, led by the Group Head of Tax, is responsible for the implementation of the Group鈥檚 tax strategy and supporting tax policies. Members of the聽tax team are highly experienced with appropriate professional qualifications and experience which reflect the responsibilities required for their roles.
Tax risk appetite
The Group manages its tax affairs in a proactive manner that seeks to maximise shareholder value and as such utilises tax incentives or opportunities for obtaining tax efficiencies where appropriate and where they聽support genuine commercial activity. The聽Group does not enter into artificial arrangements that lack commercial purpose in order to secure a tax advantage. The aim is聽to ensure full compliance with all statutory obligations and as a consequence attempt to聽minimise risk wherever possible.
In keeping with the Corporate Criminal Offence of Failure to Prevent the Facilitation of Tax Evasion legislation, 333体育平台官网 does not tolerate tax evasion or the facilitation of tax evasion. 333体育平台官网 applies appropriate procedures and controls which seek to prevent any person acting on its behalf from facilitating tax聽evasion.
Managing tax risk
There are a number of factors that affect the聽Group鈥檚 tax risk and these arise both internally and externally. 333体育平台官网鈥檚 ability to control these factors varies and its internal tax team works to minimise these risks to an acceptable level. For example:
- new and developing tax legislation is monitored and where it is relevant 333体育平台官网 participates in consultations issued by the tax authorities. When new or changed legislation is announced, the impact on the Group is assessed and active measures are taken to ensure there聽are adequate processes in place to聽comply with any change;
- tax risks in relation to compliance and reporting are managed by meeting regularly with professional advisers, industry groups and the tax authorities to both keep abreast of changes in these areas and to seek information on new systems and software;聽and
- risk in relation to tax in general is managed by the internal tax team and if a position is uncertain the Group may obtain third-party advice in order to gain clarity or support for a particular stance or approach.
Any tax risks are included in the Group Risk Register as part of 333体育平台官网鈥檚 Group-wide approach to risk management.
Interaction with tax authorities
333体育平台官网鈥檚 approach to its tax affairs is supported by an open, honest and positive working relationship with the tax authorities, with regular dialogue. Should any dispute arise with regard to the interpretation and聽application of tax law, the Group is聽committed to addressing the matter promptly and resolving it in an open and聽constructive manner.