The Octopus Group Tax Strategy
Year ending 30 April 2024
Tax risk management and governance framework
The Octopus group manages tax risks within our group wide risk management and governance framework. Our Board, through our Audit and Risk Committee, is accountable for risk management and ensures that an effective risk management framework is in place, which includes tax risk.
We also use reputable external advisors to provide tax compliance and advisory services. Most of our tax compliance is outsourced to external advisors. Any internal tax compliance is carried out by suitably qualified and trained finance personnel, who consult with external advisors as necessary.
External advisors are also engaged on all material transactions we undertake to ensure that tax impacts are understood and correctly accounted for.
Risk appetite
Our appetite for tax risk is low. Our business model and operating structure is straightforward and not subject to significant judgement in the application of tax law. We do not artificially structure our business affairs to minimize tax and we pay the right amount of tax in accordance with the letter and spirit of the law in all our operating countries.
Our attitude to tax planning
We only utilise legitimate tax reliefs for the purposes for which they were intended. We do not:
- engage in aggressive tax planning;
- structure transactions in an artificial manner inconsistent with the underlying economic reality; or
- promote tax avoidance or condone abusive tax practices which go against our ethics and culture or the law.
Dealings with tax authorities
In line with our attitude to tax planning and appetite for tax risk, we will always work with tax authorities in a co-operative and transparent manner.
This strategy is published in accordance with the requirements of paragraph 16(2) of Schedule 19 to the Finance Act 2016.