How we Manage Tax Risk
Tax is an important issue for the Group, our stakeholders and our customers. As a Group, we aim to be fully compliant with all tax rules and regulations, provide appropriate full disclosure and manage tax risks in a prudent manner.
Tax risk for TalkTalk arises in a number of areas:
- ensuring that we comply with our filing, reporting and regulatory obligations as a UK corporate
- any tax implications arising from business growth or changes in the Group’s operations, ventures or other opportunities
- maintaining knowledge and capability within the tax function
Tax risk is managed by the tax function. All tax compliance is managed in house by the tax function and the reach and capability of the team is appropriate for the size and complexity of the Group. The team is managed by the Group Financial Controller who reports directly into the CFO. The Group Financial Controller also attends Audit Committee meetings to provide updates to the Board on tax reporting, key considerations and changes in tax legislation. The compliance and review process across all taxes is documented and reviewed to allow visibility of the controls in place to manage tax risk. This policy is approved by the Audit Committee.
Members of the tax team attend key business decision making forums to ensure there is awareness of the tax impact of all new transactions.
The team is supported by external advisers as appropriate, including the provision of guidance where the application of the tax regulation and guidance to the Group are unclear.