Travelopia: Tax Strategy
Tax strategy as at 30 September 2017
This strategy applies to Tim Topco Ltd and all UK entities within the Travelopia Group.
On 15th June 2017, Travelopia Holdings Limited was acquired by KKR, a leading global investment firm. Since then, Travelopia has been working, in association with its new owners, to establish a standalone Group which is compliant with tax laws across the 34 countries in which it is established. Although this tax strategy is specific to the UK and the companies listed but represents our global approach to tax across all the jurisdictions in which we operate.
Travelopia is committed to developing and maintaining operating processes which accommodate the demands of an evolving international tax governance environment.
Our strategy will develop but from the outset, our approach to organising our tax affairs comprises five key components:
- Commitment to compliance
We are committed to compliance with tax law and practice in the UK and internationally. This means paying the right amount of tax, in the right place, at the right time. It involves disclosing all relevant facts and circumstances to the tax authorities and claiming reliefs and incentives where available.
- Responsible attitude to arranging our tax affairs
In structuring our commercial activities we will consider – among other factors – the tax laws of the countries in which we operate, with a view to maximising value on a sustainable basis. Any structuring that is undertaken will have commercial and economic substance and will have full regard to the potential impact on our reputation and broader goals. We will not put in place any arrangements that are contrived or artificial.
- Level of Tax Risk
The travel industry is susceptible to sudden volatile geopolitical and climatic issues. Together with the international nature of our business, risks will therefore inevitably arise from time to time in relation to the interpretation of complex tax law and nature of our compliance arrangements. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought, particularly in relation to our international tax obligations.
- Constructive approach to engaging with HMRC
We seek to engage with HMRC with honesty, integrity, respect and fairness and in a spirit of co-operative compliance. Wherever possible, we will do so on a real time basis, to minimise tax risk. Whilst we will not take positions on tax matters that may create reputational risk or jeopardise our good standing with taxing authorities, we are however prepared to litigate where we disagree with a ruling or decision of a tax authority, having always first sought to resolve any disputed matters through active and transparent discussion.
- Tax risk management and governance
We will actively seek to identify, evaluate, monitor and manage tax risks to ensure they remain in line with our objectives.
This tax strategy is aligned with the Travelopia Business Conduct Handbook and approved and owned by the Travelopia Board.
Travelopia is pleased to disclose this tax strategy statement and regards its publication as complying with the duty under Schedule 19 Finance Act 2016.