Our approach to tax is fully aligned to our core values. We operate in the long-term interest of all our stakeholders striving to make a positive social and economic contribution.
The Group Tax Policy and Strategy is approved by the Board of Fuller Smith & Turner PLC and delegated to the Audit Committee, as with other managed risks. From an operational perspective, the Tax Risk Management Group made up of senior finance professionals meets biannually.
The tax risk register is reviewed and updated at least twice per year and also when there are significant business or legislative changes. Each of our key tax controls is documented and tested on an annual basis which enables the Finance Director to sign off the Senior Accounting Officer obligations.
Our attitude towards tax planning is conservative in line with our culture which promotes a long term approach that does not reward excessive risk taking and is always aligned to our business operations and commercial principles. We do not have any overseas subsidiaries and we do not engage in aggressive tax planning. We claim tax reliefs and incentives to which we are entitled.
Our risk appetite is the degree of risk we are willing to accept when all principle risks and uncertainties are considered together in pursuit of our strategic objectives. It is set by, and regularly monitored by, the Board and is the responsibility of all employees. Tax risk is embedded in our manufacturing and retail operations, the management of a large estate, employing a large workforce and reliance on the integrity of information systems.
We have an open and collaborative relationship with HMRC and meet annually to provide a business update. In addition we are in regular contact and provide full disclosure to seek advice with respect to any areas of uncertainty.