This is the first statement by Hastings Group Holdings plc (“HGH”) as the parent company of the Hastings Group (the “Group”) of the Group's tax strategy, it is published in accordance with Schedule 19 of Finance Act 2016 and explains the Group's tax arrangements for the financial year ending on 31 December 2017.
This strategy applies to Hastings Group Holdings plc and its subsdiaries (together "the Group") and is applied in the context of the Group's 4Cs cultural framework of Colleagues, Customers, Company and Community.
Our aim is to adopt a principled and sustainable tax strategy that underpins the Group's desire to balance the various interests of all its stakeholders, including shareholders, customers, governments, regulators, colleagues, and the community interests which it serves.
The Group seeks to ensure that it complies with all legal requirements both in the UK and in all other jurisdictions where it operates, by making all appropriate returns and payments in respect of its own tax liabilities and by collecting taxes on behalf of the relevant tax authorities in accordance with prescribed rules and deadlines.
The Group aims to have an open and constructive relationship with HMRC and other tax authorities in the jurisdictions where it operates, whilst seeking to enhance returns and create shareholder value by appropriately managing the Group's tax affairs and claiming reliefs where available and appropriate. In the event that there is a dispute with any tax authority the Group would seek to resolve the matter through proactive and transparent discussions and negotiations.
We proactively monitor changes to relevant tax legislation and practice as it affects the Group and its activities. We continually seek to identify, evaluate, manage and monitor risks that arise in respect of the interpretation of tax legislation and compliance arrangements, to ensure that they remain in line with the Group's low risk appetite. The Group uses external advisors to supplement its in-house expertise where appropriate.
The Group is mindful of ensuring that its reputation is maintained through an effective governance and control framework which has been embedded throughout the Group.
This strategy is approved, owned and overseen by the Board.