Our approach to responsible taxation applies both to the taxes levied on the business directly and to amounts which we are required to collect from those with whom we do business, such as customers, employees and commercial partners.
Responsible taxation also extends to our policy on the use of subsidiaries in jurisdictions (‘tax havens’) which levy low or no tax on companies. We will only incorporate a subsidiary in a tax haven where there is a business requirement to do so.
All our subsidiaries are liable for corporation tax in the country in which they were incorporated, except for two companies which we acquired a number of years ago. The subsidiaries concerned are incorporated in Jersey but pay tax on all of their taxable profits in the UK.