Tax Strategy for Inigo Group.

  1. Introduction

The publication of this tax strategy (“the Group Tax Strategy”) by Inigo Limited, the ultimate parent of Inigo Group (“the Group” or “Inigo”), fulfils obligations prescribed by paragraph 16(2) of Schedule 19 of the Finance Act 2016 enacted in the United Kingdom which requires Inigo Limited to publish the tax strategy on behalf of all its group of companies. This tax strategies applies to the year ended 31 December 2023.

The Group is domiciled in the UK and operates via several different legal entities. The Inigo group of companies covered by this tax strategy includes Inigo Limited, Inigo Corporate Member Limited, Inigo Managing Agent Limited and Redbudbridge Limited.

The Group Board of Directors have approved this Tax Strategy. We will perform an annual review of the tax strategy to assess the appropriateness of the strategy and to ensure tax risk controls and monitoring activities are conducted as documented.

  1. Approach of the Group to risk management and governance arrangements in relation to UK taxation

Responsibility for the Group’s tax strategy ultimately rests with the Group Board of Directors, supported by the Group Audit Committee in reviewing and monitoring material tax issues and judgements. Day-to-day responsibility for tax risk management, governance and managing the tax affairs of Inigo group of companies is delegated to the Group Chief Financial Officer (“Group CFO”). 

The management of tax risk focuses on:

  • Commitment to comply with all applicable laws and regulations.
  • Timely filing of tax returns.
  • Timely settlement of tax dues.
  • Timely identification and reporting of any significant tax issues, including tax uncertainties and associated risks, to the relevant Boards and Audit Committees where deemed appropriate.
  • Compliance of intercompany transactions with arm’s length principles as defined by the OECD transfer pricing standards and relevant local law.
  • Consistency of tax risk management with the Group’s wider governance, risk and control framework.
  • Adequate training of key staff to help identify new tax obligations.
  • Maintenance of internal control frameworks and appropriate accounting arrangements which comply with the UK’s Senior Accounting Officer (“SAO”) legislation. An annual review is performed to ensure compliance with the SAO control framework.
  1. Attitude of the Group towards tax planning

Inigo recognises that careful tax planning is critical for our business success. The Group’s tax planning blends business acumen and knowledge from our external tax advisors to focus on consistency, compliance and the Group’s strategic objectives. We have continued to build our people and systems to achieve high standards of compliance to meet the Group’s obligations under tax legislation.

We consider, among other factors, the tax laws of the countries in which we operate and endeavour to pay all taxes due in the right place at the right time. Whilst the Group strives to be efficient with its tax affairs, tax mitigation is not a driver for activity.

  1. The Level of Risk in relation to UK taxation that the Group is prepared to accept.

The Group has low tolerance to tax risk. Where tax risks do arise, the Group actively seek to identify, evaluate, monitor and manage these risks, in line with our risk management framework to ensure they remain within our risk appetite. We seek advice from our external tax advisors where appropriate on any tax obligations.

  1. The Approach of the Group towards its dealing with HMRC

We seek to maintain a positive and transparent relationship with all our regulators including HMRC, as a key element in conducting our business effectively. 

In a spirit of cooperative compliance, Inigo is committed to:

  • Ensure all interactions with HMRC, including in the event that an issue was identified, are conducted in real time in an open, collaborative, and professional manner. 
  • Request advance clearance from HMRC on major events and complex areas of tax law.