UK Tax Strategy

Grove Group - UK subsidiaries

Introduction

This document, approved by the Grove Board, sets out Grove’s approach to conducting its UK tax affairs and dealing with tax risk, and is made available to all Grove’s stakeholders. It covers the UK tax affairs of all the UK subsidiaries of Grove Limited and is effective for the year ending 31 December 2023.

The document will be reviewed annually by the Grove Tax team, and any amendments will be approved by the Board of Directors.

Tax Strategy

Our tax strategy comprises five key components:

  1. Compliance

Grove is committed to conducting its tax affairs to comply with all relevant laws, rules and regulations, and reporting and disclosure requirements. The Group’s tax affairs are managed in a way which considers the Group’s wider reputation and standards of governance.

  1. Approach to risk management and governance arrangements in relation to UK taxation

Our tax strategy is aligned to our overall risk strategy. Grove believes that by approaching the control of risk in a strategic and organised manner, risk factors can be reduced to a level that is acceptable given their likelihood and impact.

Responsibility and accountability for the Group’s tax affairs is clearly defined within the Group and overseen by the Group’s Audit Committee and Board.

Professional diligence and care is applied to our management of all risks associated with tax matters. Where there is uncertainty as to the application or interpretation of tax law, appropriate advice is taken from third party advisers.

  1. Attitude of the Group towards tax planning

Incentives, allowances and reliefs will be claimed to minimise the tax costs of conducting our business activities, but we will not knowingly enter into arrangements that are contrived or artificial.

External tax advice will be sought whenever the Group enters into significant transactions that are out of the ordinary course of business.

  1. Level of risk in relation to UK taxation that the Group is prepared to accept

Grove’s policy is to minimise risk wherever possible when conducting its business affairs. We actively seek to identify, evaluate, monitor and manage UK tax risks to mitigate such risks. Where there is significant uncertainty or complexity in relation to a tax matter, external advice is sought.

  1. Approach towards dealings with HM Revenue & Customs (‘HMRC’)

An important part of our tax strategy is the maintenance and development of a co-operative and proactive working relationship with HMRC. We engage with HMRC with honesty, integrity, respect and fairness, and in a transparent manner. Wherever possible, we do so on a real time basis.

This UK Tax Strategy is published in accordance with paragraph 19 (2) of Schedule 19 of the Finance Act 2016.