Tax Strategy
This document outlines the tax strategy of Quintain Limited and its UK incorporated subsidiary companies (“Quintain”) and sets out its approach to tax and the management of its relationship with HM Revenue & Customs (“HMRC”).
Summary
Quintain seeks to comply fully with its tax reporting obligations in the UK and will do so in any other jurisdictions it may decide to operate in, and to provide support to its investors and stakeholders to help them comply with their tax reporting obligations.
It is Quintain’s policy not to engage in any transaction or structure that is contrary to the spirit and purpose of tax legislation, or that seeks to rely upon non-disclosure (in whole or in part) to HMRC. This includes where such a tax advantage may be exploited by a third party.
The group has a low tolerance of tax risk. Quintain has been awarded a “low risk” rating by HMRC in part due to the procedures and policies in place to manage risk, and the group is committed to maintaining this rating.
Tax risk management and governance
The group continually reviews the nature of its risk management procedures, but the core principle underlying all tax-related polices is to identify potential tax risks, assess the quantum and nature of those risks and then seek to minimise those risks.
This is achieved through constant engagement with business units, through a variety of formal and informal channels, which ensure that the tax team are fully aware of transactions and operating strategies at their inception. This knowledge is used to communicate with Executive Directors and the wider Finance team to ensure appropriate reporting and risk management procedures and controls are established and maintained.
Our tax team, led by Director of Tax and comprising experienced tax professionals, is responsible for implementing Quintain’s tax policy and ensuring compliance with this policy by the group. The tax team is responsible for ensuring that policies and procedures that support this approach are used consistently throughout the group. The tax team has the requisite skills to implement this approach, works closely with the business and other group functions and is supported by external advisors where necessary.
The Director of Tax reports directly to and meets regularly with the Chief Financial Officer to discuss tax issues and risks relevant to the business. Where appropriate, those risks are discussed with the Board during quarterly meetings or with Executive and other Operational Directors at weekly meetings.
Attitude to tax planning and managing risk in relation to taxation
Quintain actively seeks to avoid engaging in transactions or structuring of its affairs that are contrary to the commonly understood spirit and purpose of tax legislation. This includes reliance upon non-disclosure (in whole or in part) to HMRC. It applies this policy to internal and external transactions.
The tax team reviews all material transactions and new business ventures before they receive internal business approval.
The group will seek to avoid double taxation of profits and the non-deductibility of commercial expenditure and will structure its activities where necessary to ensure that it is taxed in accordance with this principle, except where specific legislation is in place to deny such deductions.
The group favours certainty in its tax affairs over the lowest potential tax outcome where the tax risk is considered inappropriate.
Where there is uncertainty, following consultation with advisors, Quintain will disclose all relevant facts relating to a transaction to HMRC and present its proposed interpretation of the legislation for clearance by HMRC.
Relationship with HMRC
Quintain is committed to an open and productive relationship with HMRC based on transparency and mutual respect.
The group aims to make all tax payments and submit all tax returns on time and with full open disclosure of relevant matters.
The group maintains a regular dialogue with its Customer Compliance Manager at HMRC, both on an ad-hoc basis and through periodic meetings. Quintain seeks to ensure HMRC understand Quintain’s business model and commercial objectives. Where enquiries are raised by HMRC, Quintain seeks to respond promptly and openly.
HMRC have awarded Quintain a “low risk” rating in accordance with their risk assessment process. Quintain is committed to maintaining this risk rating by adhering to this tax strategy.
Statement of compliance
This Tax Strategy document is in line with the overall strategy and operation of the group’s business and was reviewed and approved by Quintain’s Board of Directors on 3 December 2024. It was published in December 2024 in accordance with Section 16(2) of Schedule 19 of the Finance Act 2016, in respect of the accounting period ended 31 December 2023.
