Ancaster Group Limited
Tax Strategy
Year ending 31 December 2024
Introduction
In compliance with Schedule 19 of the Finance Act 2016, this document sets out the policy and approach taken by Ancaster Group Limited in conducting its tax affairs.
This document is reviewed annually Group Finance Director and is subsequently approved by the Board of Directors (the Board)
References to tax include all forms of direct or indirect tax charges paid by the group including corporation tax, VAT, payroll taxes, import taxes and stamp duty land tax. The tax strategy applies to all entities within the group as well as all directors and employees whose actions or responsibilities impact on the management of tax.
Tax governance
The group is committed to applying diligence and care in its tax management processes and procedures and ensuring that tax governance is appropriate, with accountability for the tax strategy resting with the Board. The Group Finance Director has overall responsibility for the delivery of the strategy. The Board considers all significant tax matters relevant to the activities undertaken by the group.
Tax risk management
The group is committed to complying with all applicable tax laws and financial reporting requirements. To do so, the group maintains a register of key tax risks, which are prioritised according to the significance and likelihood of the risk occurring.
The group’s risk management framework incorporates processes and procedures which aim to minimise these risks and identify areas of potential non-compliance. These processes include risk monitoring reports and systems and reviews of tax compliance activity. Changes or updates to tax legislation are monitored and the group’s processes and controls are adapted accordingly if necessary. Any material risks identified are notified to the Board.
The tax function is embedded in the finance team and wider business so that tax implications are considered as part of real-time business decision making. External professional advice may be sought to support the group’s decision-making process, where this is considered appropriate, particularly for areas of complex tax legislation. Where the submission of information to the tax authorities is outsourced to a third party, due consideration is given to the capability of the third party and data is checked prior to submission to the tax authorities.
Accounting and payroll systems and tax reporting packages employed by the group are industry standard and are recognised by HM Revenue & Customs.
Tax planning
Any tax planning carried out by the group is in support of the commercial activities of the business, ensuring that the group trades in a tax efficient manner whilst remaining compliant with all relevant legislation. The group does not undertake tax planning which HM Revenue & Customs consider to be aggressive, and the group is not involved in the implementation of any schemes which are notifiable under the Disclosure of Tax Avoidance Schemes (DOTAS) legislation.
The group has a responsibility to shareholders to maximise tax incentives and exemptions which are available and for which specific provision is allowed within tax legislation, for example capital allowances and tax credits arising from expenditure incurred in relation to research and development.
Relationship with tax authorities
An important part of our tax strategy and policies is the maintenance and development of a strong, proactive working relationship with HM Revenue & Customs (“HMRC”).
We are transparent with HMRC and, in cases of interpretation or complexity, work with them on a real time basis to determine the amount of tax due.
Updated and approved: 18th March 2025
