This strategy applies to Telecom Plus PLC and all entities within its group.
We comply with UK tax law and practice. Compliance for us means paying the right amount of tax in the right place at the right time and involves disclosing all relevant facts and circumstances to the tax authorities.
The Board is ultimately accountable for managing tax risk. On a day to day basis, tax risk is managed by the finance function and overseen by the CFO, who updates the Board on such risks as per a documented tax policy which is approved by the Board. Given the scale of our business and volume of tax obligations, risks will inevitably arise from time to time in relation to the interpretation of tax law and nature of our compliance arrangements. We proactively seek to identify, evaluate, manage and monitor these risks to ensure they remain in line with the group's risk appetite. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought.
In structuring our commercial activities we will consider – among other factors – relevant tax law and practice with a view to maximising value on a sustainable basis for our shareholders. Any tax planning undertaken will have commercial and economic substance and will have regard to the potential impact on our reputation and broader goals. We have a low appetite for tax risk and we will not undertake planning that is contrived or artificial. We will, however, seek to claim reliefs and incentives where available to us.
We engage with HMRC with honesty, integrity, respect and fairness and in a spirit of co-operative compliance. We are prepared to litigate where we disagree with a ruling or decision of a tax authority but will first seek to resolve any disputed matters through pro-active and transparent discussion and negotiation.
This strategy is approved, owned and overseen by the Board. We consider the publication of this document to fulfil our obligations under section 16(2) Schedule 19 of Finance Act 2016.