Group Tax Policy
The Giacom Group (“the Group”) regards the publication of the information set out below as compliance with the duty under Finance Act 2016, Schedule 19, paragraph 16 to publish a tax strategy and applies for accounting periods ending within the 2023 calendar year. This UK tax policy covers all entities consolidated in the Group’s financial statements.
Governance & Risk Management
Tax risks are assessed on a case-by-case basis, allowing the Group to arrive at well-reasoned conclusions on how each individual risk should be managed. Where there is uncertainty in how the relevant tax law should be applied, external advice may be sought to support the Group’s decision-making process.
The governance of tax risk follows the tax accounting controls and formal procedures required by the Senior Accounting Officer (“SAO”) legislation which ensures that significant tax related decisions are subject to review and approval by appropriately qualified and experienced staff and that all UK tax obligations are met. Specifically, the Group’s Chief Financial Officer is the SAO, while day-to-day tax affairs on behalf of the Group are the responsibility of the Group Financial Controller. The Group will employ various risk management processes and systems to provide assurance that the requirements of this Group Tax Policy are being met.
The Group regards planning to mitigate liabilities as appropriate provided it is consistent with the laws of the jurisdiction(s) concerned, as a result the Group may utilise available tax incentives, reliefs and exemptions provided these are aligned with the associated tax legislation. The Group will seek advice for any significant transaction, including those in the ordinary course of business, where the tax outcome is in any way uncertain, and particularly where an adverse tax result could harm the overall commercial benefit.
Relationship with HMRC
The Group is committed to maintaining an open and collaborative working relationship with HMRC and seeks to make fair, accurate and timely disclosures in correspondence and tax returns.