tax strategy
introduction
Victoria is a large, multi-national organisation which has grown significantly in recent years. Operations are undertaken via multiple companies, with activities, employees and assets located in the UK, Europe, North America and Australia. This profile naturally drives a level of complexity on our tax affairs.
In relation to tax matters, just as for any other area of our business, we are committed to complying with all applicable laws in both letter and spirit. We aim to be fair, honest and transparent in our conduct and for everything we do to stand the test of public scrutiny.
Key principles
Victoria’s tax strategy comprises the following key principles:
- Governance
- Compliance and risk management
- Approach to tax planning and optimisation
- Relationship with tax authorities
Each principle is covered in further detail below:
1. Governance
Victoria aims to ensure that its tax affairs are subject to appropriate governance at all levels within the organisation and that all tax-related activities are suitably resourced, with designated roles and responsibilities allocated to key individuals.
The tax affairs of the Group are centrally managed by the Victoria PLC tax team, led by the Head of Tax, and managed locally on a day-to-day basis by finance teams in individual Victoria operating companies. In addition, the Group’s tax activities are supported by suitably qualified external professional advisory firms.
To ensure visibility and scrutiny of the Group’s tax affairs at the highest levels within the organisation, regular tax updates are provided to the Victoria PLC Board by the Head of Tax in conjunction with the CFO.
The Head of Tax also meets formally with the CFO on a bi-weekly basis to provide updates on all tax matters affecting the Group.
2. Compliance and risk management
The Group’s overriding priority in relation to tax is compliance. Victoria will always seek to comply with all applicable tax laws and to satisfy its global tax compliance obligations. This includes ensuring that all tax returns submitted to tax authorities are accurate and filed in a timely manner, and that liabilities are settled as and when they fall due.
Where necessary, external professional advice is taken to assist the Group in fulfilling all tax compliance requirements and in implementing appropriate tax compliance controls.
Employees with responsibility for tax compliance matters are provided with adequate and appropriate training to ensure that they have the necessary knowledge, skills and qualifications to perform their duties.
Victoria has a zero-tolerance policy in respect of tax evasion and the facilitation of tax evasion, and is committed to ensuring that it meets the compliance obligations of the UK Corporate Criminal Offence of the failure to prevent the facilitation of tax evasion.
3. Approach to tax planning and optimisation
Victoria has a fundamental objective of generating value for shareholders and, as such, tax represents just one of several business costs which the organisation seeks to optimise.
In so doing, Victoria seeks to maintain a low-risk approach to all forms of tax planning and, to the extent that tax planning opportunities do arise, these are only considered where they are commercially driven and align with the broader objectives of the organisation. Where necessary, external professional advice is taken in support of tax planning and optimisation activity.
Where tax authorities make available various tax reliefs, exemptions, incentives or credits, we will always seek to ensure that Victoria claims the appropriate level of benefit for which it qualifies.
We do not engage in any form of artificial tax structuring and we do not operate in territories which could be considered tax havens. All subsidiaries are located in countries where the Group has genuine economic substance (i.e. employees, offices and revenue generating activity).
4. Relationship with tax authorities
In dealing with global tax authorities, including HMRC in the UK, we always look to maintain a policy of open, honest, proactive dialogue, to conduct ourselves professionally and to resolve areas of dispute or differences of opinion as quickly as possible in order to reduce uncertainty and manage tax risk
The Victoria Group considers that by publishing this strategy, Victoria PLC is complying with its duty under Schedule 19, paragraph 16(2) of Finance Act 2016.
This document was approved by the Board of Victoria PLC and published on 28th March 2025.