This document, approved by the board of Triumph Motorcycles Group Limited, sets out the Group’s approach to tax affairs and dealing with tax risks.
The Board acknowledges its responsibility to set clear and consistent standards to ensure that the Group meets its obligations in respect of all aspects of tax.
The Group is committed to:
• Following all applicable laws and regulations relating to its tax activities.
• Maintaining an open and honest relationship with tax authorities.
• Ensuring appropriate governance through applying diligence and care in the management of tax related procedures and processes.
• Ensuring that tax reliefs and incentives are not used in a way that contravenes the intent of the legislation.
Underlying the management of The Group’s tax affairs there are a number of complex processes across a many functional areas, as such there is an inherent risk associated with interpreting or applying of tax legislation or performing tax calculations. It is not possible to eliminate this risk entirely so The Group assesses tax risk in terms of likelihood and scale of impact.
Tax risks are assessed on a case by case basis. Based on the risk assessment, complexity of transactions and legislation the Group seeks appropriate professional advice before reaching its decision.
When reviewing the tax risks associated with a specific decision or action, the Group ensures that the following are considered:
• Legal and fiduciary duties of directors and employees
• Maintenance of the Group’s corporate reputation
• Requirements of any related internal policies
• Tax planning
The Group’s tax planning aims to support the commercial needs of the business by ensuring that the Group’s affairs are carried out in the most tax efficient manner whilst remaining compliant with all relevant laws.
Approach towards dealings with HMRC
In its approach to dealing with HMRC the Group is committed to:
• Ensuring interactions with HMRC are conducted in an open, collaborative and professional manner
• Open and transparent governance and tax planning
• Accurate and timely disclosures in correspondence and returns
• Proactive resolution of issues with HMRC in a timely manner
• Interpreting relevant laws in a reasonable way