The Group’s overall tax strategy is to ensure that it complies with all tax laws and that it pays the right amount of tax at the right time.
Ultimate responsibility for this tax strategy and the Group’s overall governance of tax sits with the Board of Directors.
The Group Chief Financial Officer has responsibility for tax matters and will escalate relevant tax risks to the Board of Directors when required. The Group Chief Financial Officer is supported by the finance team, other relevant departmental heads and external advisors, where appropriate, when considering the day to day tax affairs of the Group and when identifying potential tax risk.
The Board of Directors considers appropriate controls and processes are in place to meet IBMG’s tax strategy.
IBMG does not participate in aggressive tax planning. On occasions the Group will use available tax incentives, reliefs and exemptions, provided these align with the Group’s commercial aims and the use of them is consistent with both the letter and the spirit of the law.
IBMG works closely with external tax advisors and will take advice from these in a number of situations, including if complex matters are identified, areas arise where there is a degree of uncertainty as to the tax treatment or where it is considered the in-house team could benefit from such expertise in order to assess the tax risk.
IBMG has a low appetite for tax risk. IBMG does not enter into transactions that are not aligned with our commercial objectives or which do not have a genuine commercial rationale.
IBMG is committed to acting ethically, with integrity and transparency in all its business dealings, and the Group takes this approach in all of its dealings with HMRC. The Group operates in a proactive, collaborative and transparent manner in all of its dealings with HMRC to ensure that it meets its legislative requirements and that current, future and past tax risks are raised with HMRC where appropriate.
This tax strategy was approved by the Directors of Turbo Acquisitions 10 Topco Limited on 20th December 2022.