Socrates Global Parent Limited

Group Tax Strategy

 

Group Tax Objectives

Socrates Global Parent Limited and each of its subsidiaries (the “Group”)  is committed to conducting its tax affairs ethically and in compliance with its Code of Business Ethics and applicable tax laws in the UK and all the countries in which the Group operates.

 

Risk Management

The Group’s established ethical framework is such that deliberately failing to comply with tax law is unacceptable.

We consider potential tax costs and benefits when evaluating commercial transactions and other corporate actions.  We routinely seek advice from external advisors with respect to material transactions or where the application of tax law to a transaction or situation is reasonably unclear or uncertain or where specialist tax knowledge is required.

We strive to ensure that all tax filing positions are supported by strong technical grounds.  We do not engage in activities that lack an independent business purpose.  We only claim tax allowances, deductions, reliefs, credits and incentives when they are allowed by applicable tax laws and related guidance from tax authorities.

 

Tax Control Environment

The finance teams of the individual business units within the Group ensure tax returns are properly prepared and filed and taxes are properly accounted for and paid.  The local finance teams also ensure tax consequences of potential commercial transactions or other corporate actions are reviewed and considered by the relevant business teams.  Outside advisors are asked to provide tax advice relating to these matters when the transaction or other action is material to the organization or if the tax requirements associated with the matter are uncertain.  The Group also relies on external tax advisors to provide updates and interpretations of tax legislation.

Decisions to be made in respect of material uncertain tax issues by the individual business units are also required to be reported to the global finance team under the direction of the Group CFO.

 

Management Reporting

Tax matters are managed by the finance teams of the individual business units.  The Group CFO has oversight responsibility for the finance functions of the individual business units.  Material tax matters are raised to the senior executive team and the Board of Directors of Socrates Global Parent Limited if and when they arise.

 

Relationships with Tax Authorities

The Group maintains open relationships with HM Revenue & Customs in the UK and with the tax authorities in other countries in which it operates and has a transparent approach to dealing with the relevant tax authorities.

 

This tax strategy is for the year ended 31 August 2019 and is published in accordance with paragraph 16(2), Schedule 19 Finance Act 2016.

January 31, 2020