Published on 16/05/2023
Photobox Group1 is the expert in personalised photo gifts. We're here to help you share all your favourite moments, big and small, with family and friends by giving our quality photo books, prints, calendars, wall art and gifts.
We are committed to complying with applicable laws and regulations in the countries where we operate and we want to maintain good corporate social responsibility practices in the jurisdictions and communities where we are present.
Tax governance arrangements
The Board of Directors of Photobox Group’s holding company, Panorama Topco B.V., has overall responsibility for Photobox’s tax policy and tax governance. Responsibility is delegated to the Chief Financial Officer (‘CFO’) of the Group, who reports regularly to the Board. Whenever significant decisions impacting tax liability or risk have to be taken, they are brought to the attention of the Board.
Day-to-day management of Photobox’s tax affairs resides with the tax team (comprising, inter alia the Group Tax Manager).
Key decisions and projects are always discussed with senior management. Generally, advice from external advisors is obtained to assist in evaluating such decisions and projects.
This Tax Strategy is prepared consistently with our Group Code of Conduct and it published in accordance and compliance with paragraph 16(2) of Schedule 19 of the Finance Act 2016 and is applicable to all UK companies within the Photobox Group as listed in the List of Companies below.
This Tax Strategy has been approved by the Board of Directors of Photobox Group, and it applies to the financial year ending 30th April 2023.
Approach to tax risk management
Photobox’s tax team is responsible for identifying, mapping, monitoring and managing tax risks, and ensuring that they comply with the standards of this tax strategy. In order to mitigate tax compliance and reporting risk, The Group has invested in additional resources within the tax and accounting teams with specific focus on tax compliance, controls and processes. In addition, we ensure that our employees dealing with tax receive appropriate tax training in accordance with their roles.
Level of risk that we are prepared to accept for UK taxation
Our internal governance is not prescriptive on levels of acceptable tax risk, but, in practice, we have a very low tolerance for such risk.
The fact that we operate in multiple tax jurisdictions requires that we accept a certain level of tax risk due to uncertainties in tax legislation and the increasing complexity of the international tax environment, particularly regarding transactions between affiliated companies. We seek to mitigate and manage this tax risk through our approach to tax compliance, tax planning and tax risk management.
Attitude towards tax planning
We manage the tax risks and costs inherent in every commercial transaction, in the same way as any other cost. Therefore, tax will follow the commercial outcomes, taking into account the need for tax efficiency and our understanding of the currently applicable laws and practice.
Where there is material uncertainty in relation to the tax treatment of a transaction, we seek advice from leading tax practitioners and act accordingly.
We take advantage of the available tax incentives and reliefs in the countries in which we operate.
Relationship with HMRC
We seek to establish a relationship with HMRC that is based on good faith and transparency with the goal of enhancing our long-term relationship. In view of this, we aim to have an open dialogue with HMRC in respect of developments in our business, current, future and retrospective tax risks, and interpretation of the law.
List of Companies:
Photobox Group (UK based) comprises:
1 The Photobox Group (‘Photobox’ and ‘The Group’) comprises of the UK trading sub-group whose ultimate patent is Panorama Topco B.V.