Victoria Plc Tax Strategy

In compliance with section 161 and section 16(2) of Schedule 19 Finance Act 2016, Victoria publishes its Tax Strategy (‘the strategy’) for the year ended 30 March 2019 onwards.

tax strategy

The strategy sets out:

  • the approach of the group to risk management and governance arrangements in relation to UK taxation,
  • the attitude of the group towards tax planning (so far as affecting UK taxation),
  • the level of risk in relation to UK taxation that the group is prepared to accept, and
  • the approach of the group towards its dealings with HM Revenue and Customs (‘HMRC’).

The strategy is designed to ensure that the group complies fully with its obligations under UK tax legislation.

In order to implement this strategy the group undertakes to:

Appoint responsible officers
By appointing named officers who are responsible for ensuring the group complies with its strategy and who have oversight of the tax compliance and tax accounting requirements of the group.

Provide appropriate training as may be required
By providing both general staff and the responsible officer with adequate and appropriate training to ensure that they have the necessary knowledge, skills and qualifications to perform their duties with respect to tax compliance and tax accounting.

Adopt appropriate tax compliance and tax accounting arrangements
By considering the strategy when determining tax compliance and tax accounting arrangements. Professional advice is to be taken to assist the directors and the responsible officers in implementing robust controls.

Report obligations and make payment in a timely manner
By ensuring that all tax returns and documents submitted to HM Revenue and Customs are accurate and filed in a timely manner and that liabilities are settled as and when they fall due.

Adopt appropriate tax planning arrangements
By maintaining a low risk approach to all forms of tax planning. The group’s overriding priority is tax compliance and it has a policy of open and proactive dialogue with HMRC. To the extent that tax planning opportunities do arise, these will only be considered where they are commercially driven and do not present an unacceptably high level of risk. Professional advice is to be taken to assist the directors and the responsible officers in this respect.