Tax Strategy

Tax Strategy

Our Strategy

In accordance with the requirements of paragraph 16 of Schedule 19 of the Finance Act 2016, Lanes Group presents its tax strategy for Lanes Group & its UK subsidiaries for the year ended 31 July 2024.

This tax strategy has been approved by the Board of Directors of Lanes Group and is applicable to all entities within the Group.

Roles and Responsibilities

Ultimate responsibility for the implementation and oversight of the Group’s strategy rests with the Board of Directors.

In holding the office of SAO, the Finance Director is responsible for the day-to-day management of the corporation tax, VAT affairs & employee taxes. This includes ensuring Group’s tax policies, procedures and controls are in place to meet the Group’s appetite towards a low-risk tax strategy.

The company’s Finance and HR functions are staffed by appropriately qualified personnel, with oversight from external specialist advisors. These provide advice in relation to new areas of law or areas over which there is doubt and ambiguity.

This reliance on third party advisors allows the Group to reduce inherent risk associated with complexity and new legislation.

Risk Management and Risk Appetite

The Group’s established ethical policy documents incorporate the zero tolerance of non-conformance with current UK tax laws & an extensive anti-bribery section.

As part of the role of the finance team, continuous reviews of controls and procedures allow examination of all processes including tax, all the while guided by our external tax advisors.

The Board collectively have a low tolerance to tax risk, and whilst the business does not undertake transactions led by a planning purpose, we do as part of our commercial activities consider the tax consequences.

When evaluating a taxation matter, consideration will be given to the level of risk, the ease of implementation and consideration of any tax reliefs or opportunities available to us, that are clearly within the legislation and related HMRC guidance.

The Group’s policy is to not enter into any artificial tax avoidance scheme.

Approach towards dealing with HMRC

The Group is committed to the principles of openness and transparency in its approach to dealing with HMRC and in particular the Group commits to:

  • Adopt open and collaborative professional relationships at all time with HMRC.
  • Engage in full, open and early dialogue with HMRC to discuss tax planning, strategy, risks and significant transactions.
  • Make fair, accurate and timely disclosure in correspondence and returns, and respond to queries and information requests in a timely fashion.
  • Seek to resolve issues with HMRC in real time and before returns are filed if possible, and where disagreements arise work with HMRC to resolve issues by agreement where possible.
  • Be open and transparent about decision-making, governance, and tax planning.
  • Reasonably believe that transactions are structured to give a tax result which is not inconsistent with the economic consequences (unless specific legislation anticipates that result) nor contrary to the intentions of Parliament.
  • Interpret the relevant laws in a reasonable way, and ensure transactions are structured consistently with a co-operative relationship.