Tax Strategy for the Year Ending 31 December 2021 of Car Benefit Holdings Limited and its subsidiaries
The publication and content of this strategy statement, which has been approved by the Board of directors, is regarded as satisfying the statutory obligation under Schedule 19, Finance Act 2016 for Car Benefit Holdings Limited and its Subsidiaries (‘’the Group’’).
The Group is committed to a tax strategy that is both open and compliant. As a large group, we recognise the importance of being transparent regarding the taxes we, the Group pay.
The tax contribution of the Group goes significantly beyond the corporate tax paid on its profits. The Group pays a significant amount of payroll taxes, in addition to operating as a collector of taxes through the Pay as You Earn (PAYE) and Value Added Tax (VAT) systems.
The overall tax strategy of the Group is to:
- Meet all legal requirements and to make all appropriate tax returns and tax payments.
- Consider the tax impact in major or complex business decisions.
- Operate in an environment where we consider tax in the context of our reputation and brand.
- Comply with appropriate tax risk processes and ensure there is Board oversight into this compliance.
Group Approach to Governance, Risk Management and Compliance with UK Tax Law
The Group wants its tax affairs to be transparent and compliant with tax legislation and recognises that managing tax compliance is increasingly complex.
The Group is committed to compliance with all statutory obligations and full disclosure to Her Majesty’s Revenue & Customs (HMRC). Tax compliance for the Group means paying the right amount of tax at the right time. It involves disclosing all relevant facts and circumstances to HMRC and claiming reliefs and incentives where available, and in accordance with applicable legislation. Governance for the correct application of and compliance with UK tax law is a responsibility of the Board.
The Group has established and continually maintains polices and processes designed to ensure the relevant tax is calculated correctly and paid in a timely manner. The policies ensure the risk of error is minimised.
The Group Approach to Tax Planning as Affecting UK Taxation
The Group plans its tax affairs with reference to current relevant legislation. The Group seek to take advantage of available tax incentives, reliefs and exemptions, where appropriate, in line with UK tax legislation (e.g. R&D tax credits). The Group uses external tax advisers for specialist advice and support.
The Level of UK Tax Risk the Group Accept
The Group is, in general terms, risk averse and adopts the same attitude in any assessment of tax risk. The Group’s internal structure is set up to ensure:
- The Board understands the importance of tax compliance, and how to achieve this.
- There is a continuous dialogue between the Board and those individuals responsible for the operation of the Group finance function, regarding the way the Group manages its tax risk.
- The Group portrays a positive view towards tax compliance and the importance of meeting its obligations.
The Group Approach to HMRC
The Group is committed to maintaining a transparent and open relationship with HRMC. Where HMRC takes a different interpretation of the tax impact of a particular business transaction, the Group seeks to resolve any such issues through open dialogue with HMRC in a prompt and responsible manner.
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