Tax Strategy Statement
Year ended 31 March 2025
Introduction
This strategy applies to M Group Limited and its subsidiaries (hereafter, “M Group” or “the Group”).
M Group approaches tax matters with integrity, in line with the Group’s core values. The Group is committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities based on the principles of mutual transparency and trust.
Our commitment is founded on the following principles:
Tax Planning and Compliance
M Group is committed to compliance with statutory tax obligations and seeks to ensure that its tax arrangements remain consistent with a low-risk assessment, both in financial and reputational terms.
We aim to be compliant with all applicable tax laws, rules, and regulations, without exception and to pay the appropriate amount of tax on a timely basis. Further, we are committed to undertaking any transactions between Group parties on an arm’s-length basis.
The Group manages tax costs through the tax-efficient arrangement of business transactions, within the framework of sound commercial activity and claiming all available tax incentives and exemptions.
This is done in a way which meets its overall business strategy and ethical standards, has due regard for the Group’s reputation, and gives a tax result the Group reasonably believes is not contrary to the purpose of the legislation concerned.
Relationships with Tax Authorities
We are committed to the principles of openness and transparency in our approach to dealing with tax authorities. All dealings with the tax authorities are conducted in a collaborative, courteous, and timely manner. We seek to regularly correspond and meet with our Customer Compliance Manager to proactively update them with key developments.
We recognise that, on occasion, there may be areas in which our legal interpretation differs from that of tax authorities and where the tax treatment of activities and transactions is uncertain. In such circumstances, we will engage in proactive discussions with the relevant tax authority with a view to bringing matters to a reasonable conclusion as rapidly and equitably as possible.
Tax Management and Governance
M Group has a multi-layered risk management system which consists of risk registers for all areas of the business. We implement risk management measures including controls over compliance processes and monitor their effectiveness.
The Group’s Board of Directors oversees the Group’s tax affairs and risks through periodic reviews. The Group CFO is responsible for ensuring that appropriate policies, processes, and systems are in place and that the team responsible for tax compliance has the required skills and external professional support to comply with this approach. The Group Head of Tax is responsible for day-to-day tax work, tax strategy implementation, and tax risk management.
Where appropriate and on a regular basis, written advice is taken from third-party advisors to support the decision-making process by evidencing the facts, risks, and conclusions where there is uncertainty as to the application or interpretation of tax law. The Group will also engage the opinion multiple advisors to ensure harmony of opinion in circumstances of particular complexity or ambiguity.
Where acquisitions of external groups are completed, the Group will ensure a holistic integration of processes and procedures in line with this Tax Strategy across the post-acquisition period and thereon. Furthermore, when making acquisitions and disposals, the Group will consider the associated tax consequences of doing so, including those relating to the appropriate legal and financing structure, and will take professional advice as appropriate.
The Group regards this statement as satisfying the requirements of Schedule 19 Part 2 of Finance Act 2016.