Our Tax Strategy
In accordance with Paragraph 16(2), Schedule 19, Finance Act 2016, the LRQA Group sets out below its group tax strategy for all UK companies within the LRQA global group of companies.
The statement is effective for the 12 months ending 31 December 2023. References to ‘LRQA Group’ or ‘the Group’ mean all UK companies within the LRQA worldwide group. This strategy applies from the date of publication until it is superseded.
Approach of the Group to risk management and governance arrangements in relation to taxation
LRQA’s global reach adds complexity to its tax affairs. Our policy is to comply with all applicable laws, rules, regulations and reporting requirements in all tax jurisdictions where the Group operates.
We manage tax in line with our governance framework and risk management procedures which reflect the regulatory, legal and commercial environment in those locations. Our Tax Strategy is aligned with our group Business Strategy and our Code of Ethics, which underpin our high standards and ethical business practice.
The Board of Directors of Dione Topco Limited approve the control framework adopted by the Group and have delegated responsibility for oversight to the Group Audit Risk and Compliance Committee.
The Chief Finance Officer is responsible for the design and implementation of the control framework and has appointed a team of tax specialists lead by the Group Head of Tax to undertake the day-to-day management and implementation of the Group’s tax strategy and supporting tax policies. Members of the tax team have appropriate professional qualifications and experience which reflect the responsibilities required for their roles.
Attitude of the Group towards tax planning
To the extent that the Group undertakes any tax planning, it is with the purpose of supporting the commercial needs of the business, with an understanding of the tax consequences of any decisions made.
Where appropriate, the Group will seek external professional tax advice with regards to certain transactions; to ascertain industry practice; or to ensure it remains compliant with developments in law and practice.
The Groups management of tax risk
Tax risk is managed alongside commercial, regulatory and other legal requirements within the overall risk framework of the Group.
Maintaining a positive working relationship with taxing authorities helps to ensure we pay the correct amount of tax at the right time so as to minimise our tax risk and have certainty over our tax filings.
Resources are focused on mitigation of tax risks and improving tax efficiencies rather than aggressive tax planning in order to support sustainable business performance.
Approach of the Group towards dealings with HMRC
We seek to have an open, honest and collaborative working relationship with HMRC and other taxing authorities around the world, pro-actively engaging in relation to matters of doubt. We respond clearly and promptly to queries raised, providing appropriate disclosure of corporate information where applicable. We operate with integrity in our tax compliance and reporting, and as an organisation we strive to ensure that we adhere to our compliance obligations.