Press Acquisitions Limited is the head of a UK ‘sub-group (“the Group”) as defined in paragraph 11 (2) of Schedule 19 of the Finances Act 2019. This strategy is published on behalf of the Group in compliance with the duty under paragraph 19 of the schedule and in accordance with paragraph 20 thereof.
Telegraph Media Group Limited is a subsidiary of Press Acquisitions Limited and trades as The Telegraph, an award-winning, multimedia news brand that has been synonymous with quality, authority and credibility for more than 160 years. The core business is the publication of high-quality journalism in print and online of the following newspaper titles: The Daily Telegraph, The Sunday Telegraph and The Telegraph, a weekly world edition and the website, www.telegraph.co.uk.
The Group is committed to executing and managing its tax responsibilities with the highest integrity and complying with all applicable tax laws. The Group has appropriate governance, policies and processes in place to ensure its tax obligations are met from an operational and risk management perspective.
Approach to risk management and governance
The Group’s approach on tax policy is to maintain a low-risk tax profile both in the UK and in other tax jurisdictions. The Group has internal policies and processes which facilitate the structured identification, assessment and management of tax risk. Responsibility for the day-to-day management of UK tax risk resides with the Chief Financial Officer, supported by the Group Financial Controller and Tax and Treasury Manager.
Where applicable laws and regulations are subject to interpretation, giving rise to inevitable complexity and uncertainty, we seek appropriate assurance regarding the position taken from reputable third party advisers. The Board of Directors has oversight over how tax risks are managed as well as ensuring there are appropriate controls.
Approach to tax planning
The Group manages its tax affairs to support the business, adopting a risk based approach to enable commercial activities with appropriate tax strategies, including accessing tax incentives where appropriate. Key tax decisions are made by tax professionals with the appropriate level of knowledge and expertise.
Approach to dealing with tax authorities
The Group engages with HMRC on a real-time basis in a spirit of co-operative compliance. The Group works closely with HMRC, maintaining continual dialogue in an open, honest and transparent manner, acting fairly, responsibly and with integrity. We seek to resolve any errors or disputed matters through pro-active and transparent discussion and negotiation with HMRC.