Park Garage Group Plc is one of the largest independent forecourt operators in the UK with over 70 stations operating under the Texaco, Shell and BP fuel brands. Paragraphs 19(2) and 22(2), Schedule 19, Finance Act 2016 requires the Group to set out the tax strategy of its UK companies listed in Appendix 1. This strategy covers all taxes and relates to the year ending 30th June 2024.
This tax strategy document, approved on 30st June 2023 by the Chairman and Managing Director, summarises the company’s policy and approach to managing its tax affairs and how it deals with tax risks. It was published on 30st June and will be reviewed annually by the Directors of the company.
Approach to Risk Management and Governance Arrangements in relation to UK taxation & Attitude Towards Tax Planning
Management of tax risk is important for the company and periodic reviews are undertaken to identify any areas of particular focus for the upcoming year. In addition to this, as and when a potential risk is identified, measures are put in place to prioritise and remediate controls gaps quickly and effectively.
Tax risks are highlighted by the Finance Director and CFO and discussed at Director and Board level. Tax planning and advisory risk which requires judgement. The company will not enter transactions designed principally to give a tax advantage. Any tax reliefs and exemptions are claimed based on advice from external tax advisors and in accordance with the spirit of the tax legislation and HMRC guidance where relevant. Tax compliance risk relating to the processes, people, and systems in place to manage tax risk. The level of tax risk arising from operations as far as reasonably practicable by ensuring that reasonable care is applied.
Key Roles and Responsibilities
The Chief Finance Officer (CFO), who is a member of the Board, is ultimately responsible for the
Group’s Tax Strategy and is also the Senior Accounting Officer.
The CFO and Finance Director are responsible for managing the Group’s tax compliance obligations. Day to day tax responsibilities fall to the two members of the Board and are overseen by the Chairman. The CFO holds a recognised accounting qualifications.
Park Garage Group Plc use reputable external tax advisors to provide tax technical expertise and additional resource based on an assessment of risk and requirements, such as:
- Advice on technical matters and uncertainties
- Advice on the tax impact of any significant changes to the business
- Assistance with tax filings including any relevant claims for tax incentives
Approach Towards its dealings with HMRC
Park Garage Group Plc are committed to being open and transparent with tax authorities in all matters ensuring compliance with all relevant legal disclosure requirements. Maintaining strong and pro-active relationship with tax authorities disclosing any material errors identified in tac filings to HMRC in a timely manner.
Tax Risk Profile
Park Garage Group Plc due to a recent acquisition has increased the tax profile. The company also recognises that the increased volume and complexity of transactions within the company has increased the level of tax scrutiny from tax authorities as well as other stakeholders. Despite this, given the size and nature of the business with no international tax exposure and the relative simplicity of the business model, the company considers the tax risk profile to be low overall.