The publication of this UK Tax Strategy statement is in accordance with the statutory obligation under Para 19(2), Schedule 19, Finance Act 2016. Acorn UK refers to all UK entities within the Acorn Global Group.
We maintain a Corporate Social Responsibility policy and program which represents our core values and principles that govern the way we operate. This can be found at here.
The approach of the group to risk management and governance arrangements in relation to UK taxation.
We are committed to full compliance with all statutory obligations. We seek to comply with our tax filing, tax reporting in a timely manner and comply with tax payment obligations; ensuring the reported tax is paid at the right time.
The Group’s approach to tax risk management and governance is based on the principles of reasonable care and materiality.
We maintain robust internal control processes to ensure taxation risks are identified and reviewed up to manageable level. Within this structure, the Group maintains defined lines of responsibility over its tax affairs; with each decision being taken by the appropriate level of authority. The Board of the Group’s French parent company exercises the highest level of oversight in relation to the Group’s UK tax affairs and tax risk management.
We regularly seek professional opinions and advice from international independent external advisors on tax matters, where there is an element of complexity or uncertainty, to comply with UK tax legislation. These risks are thus identified, assessed and managed appropriately.
In relation to cross-border transactions, we apply the OECD standard and ensure that the transfer pricing policies implemented respect the “arm’s length principle”.
The attitude to the group toward tax planning (so far as affecting UK taxation).
The Group’s attitude to tax planning is that any planning must be based on our commercial objectives and business needs to ensure that our affairs are conducted in the most tax efficient manner, whilst remaining compliant with all relevant laws.
When proposing tax solutions, we ensure that the appropriate level of professional advice and input on the tax consequences of each transaction is understood, before any decision taken to proceed. This decision is taken at Board level. In line with the corporate governance and tax risk management arrangements noted above, the Board of the Group’s French Parent exercise oversight of material tax planning. Tax planning which can be affected by changes in taxation law is reviewed by the UK Board regularly in accordance with the ever-changing tax environment.
The level of risk in relation to UK taxation that the group is prepared to accept.
We do not accept high levels of risk in relation to UK taxation; judgement is exercised to maintain no more than a moderate level of risk and such risks are controlled and fully reviewed in accordance with the Group’s risk management and governance arrangements.
The approach of the group towards its dealings with HM Revenue & Customs (“HMRC”).
The UK Group will comply with all relevant legal disclosures and approval requirements and all information will be clearly presented to HMRC as appropriate. In its dealings with HMRC, the UK Group will act in an open, honest and transparent manner. The UK Group’s strategic aim is to demonstrate integrity by working professionally with others including the tax authorities.
Acorn UK seeks to have a constructive relationship with HMRC. However, situations may arise where positions are challenged and from time to time, our views on the appropriate tax treatment in any given case may differ from those of the tax authorities. Where such circumstances arise, we will work constructively and proactively with HMRC with a view to achieving an early resolution to any matters arising.