This strategy applies to VTech Electronics Europe Plc, VTech Communications Limited and Leap Frog Toys (UK) Limited (collectively referred as ‘VTech’) in accordance with paragraph 19 of Schedule 19 to the Finance Act 2016. In this strategy, references to ‘VTech’ or ‘the Group’ are to all these entities. The strategy has been published in accordance with paragraph 16(4) of the Schedule.
This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the Group has legal responsibilities.
VTech is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The Group’s tax affairs are managed in a way which takes into account the Group’s wider corporate reputation in line with VTech’s overall high standards of governance.
VTech manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, VTech seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. VTech does not undertake tax planning unrelated to such commercial transactions.
The level of risk which VTech accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the Group’s tax affairs. At all times VTech seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the UK management team and then the Boards are ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
VTech seeks to have a transparent and constructive relationship with HMRC. When submitting tax computations and returns to HMRC, VTech discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain. Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
Date published: 31/03/2023
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