The following outlines the UK Tax Strategy for Global Media & Entertainment Ltd and its subsidiary group members in the UK.
It is made publicly available in accordance with the requirements of Paragraph 16 (2) Schedule 19 Finance Act 2016.
It has been approved by the Group's Board of Directors and is effective for the year ended 31 March 2018 and will be reviewed by the Board annually.
The approach of the UK group to risk management and governance arrangements
The group takes its obligations to ensure tax compliance seriously and the Board accepts its ultimate responsibility to set and oversee the implementation of its tax policy and manage its tax risk.
We aim to pay the right amount of tax, in the right place and at the right time.
The group has an in house tax function which is staffed with qualified and experienced tax professionals and reports directly to the Group CFO as a representative of the Board. The CFO raises all material tax risks to the Board.
The adequacy of the tax accounting arrangements for each group company are overseen by a Senior Accounting Officer (SAO) who sits outside of the tax function.
The attitude of the group towards tax planning
As part of wider considerations, when it is structuring its commercial activities the group will consider the impact on taxation.
We will not undertake transactions only for tax reasons that have no commercial purpose, are contrived or artificial.
Where tax law is unclear or the correct treatment is uncertain we will engage professional advisers to support the positions taken where they are material.
The level of risk in relation to UK taxation that the group is prepared to accept
Given the size and scale of the Group's businesses, tax risks arise from time to time. Where material the Board considers the level of acceptable tax risk on a case by case basis in the context of the Group's wider business strategy and its stakeholders.
The Board is kept informed of any material tax risks by the CFO who regularly meets with and discusses tax risks with the in house Head of Tax and the Group's external advisors.
The approach of the group towards its dealings with HM Revenue and Customs (HMRC)
We engage with HMRC constructively, honestly and professionally. Where there are any disputes we seek to resolve these through open and active dialogue with HMRC.
The in house tax team engage regularly with the Customer Compliance Manager and their broader team at HMRC.