Tax strategy

This document is prepared in accordance with paragraph 16(2) Schedule 19 Finance Act 2016 for the financial year ended 31 December 2020 and will be periodically reviewed by the Board for any amendments required. 

The group has a long-term and sustainable approach to taxes. We seek to manage our tax affairs with a view to optimise shareholder value whilst having the interest of our various stakeholders in mind. 

Risk management and governance arrangements 

We are committed to managing our tax affairs in a manner compliant with tax legislation and recognise that with ever-increasing complexity in the legislation this requires a pro-active approach to tax management. 

We are committed to maintaining financial systems, processes and control to ensure that all tax relevant data is collected for tax reporting. This will ensure that the correct amount of tax is reported and paid. 

Ultimate responsibility and accountability for the Group’s tax affairs lies with the Chief Financial Officer who reports to the Board of Directors. Regular reports to the Board will include reference to significant taxation issues. The Board will then ensure that tax factors are considered in significant business decisions. 

We will adhere to the arm’s length principle in accordance with the OECD Transfer Pricing Guidelines and local requirements for transactions between Corin group companies in different territories. 

We will actively seek expert advice to assist us in considering tax compliance and risks when making commercial decisions. 

Tax planning 

We undertake tax planning that supports activities and transactions that serve a genuine commercial purpose. When interpreting the tax legislation we will apply the spirit of the law as well as the letter to ensure that any tax planning is not contrived or artificial. We will seek external advice from reputable firms when required to assist the highly qualified internal finance team. 

Attitude to risk 

The Group’s tax risk appetite is low and we aim to be forward thinking and establish the tax consequences of transactions in advance of them taking place. Where required we seek professional advice from reputable advisors to ensure all compliance requirements and tax risks have been fully factored in to the decision. 

Relationship with Tax Authorities 

We seek to have be open and transparent dialogue with HM Revenue & Customs (“HMRC”) and other tax authorities where we operate based on the guiding principles of mutual trust and transparency. 

Where decisions involve complex transactions we will seek HMRC clearance where available to maintain transparency and resolve any uncertainties. 

We understand that our stakeholders want us to behave responsibly and pay the tax that is lawfully due. 

We aim to meet all relevant filing deadlines and payments dates for all taxes due.