Tax Strategy Statement

Year ended 31 March 2024



This strategy applies to Minerva Equity Limited and the group of companies headed by
Minerva Equity Limited (hereafter “M Group Services” or “The Group”).

M Group Services approaches tax matters with integrity, in line with the Group’s values. The Group is committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities based on the principles of mutual transparency and trust.

Our commitment is founded on the following principles:


Tax Planning and Compliance

M Group Services is committed to compliance with statutory tax obligations and seeks to ensure that its tax arrangements remain consistent with a low-risk assessment, both in financial and reputational terms.

We aim to be compliant with all applicable tax laws, rules and regulations, without exception and to pay the right taxes at the right time. We conduct transactions between Group companies on an arm’s-length basis.

The Group manages tax costs through the tax-efficient arrangement of business transactions, within the framework of sound commercial activity and claiming all available tax incentives and exemptions.

This must be done in a way which meets its overall business strategy and ethical standards, has due regard for the Group’s reputation and gives a tax result the Group reasonably believes is not contrary to the purpose of the legislation concerned.


Relationships with Tax Authorities

We are committed to the principles of openness and transparency in our approach to dealing with tax authorities. All dealings with the tax authorities are conducted in a collaborative, courteous and timely manner. We seek to regularly meet with our Customer Compliance Manager to proactively update him/her with key developments.

We recognise that on occasion there may be areas in which our legal interpretation differs from that of tax authorities and where the tax treatment of activities and transactions is uncertain. In such circumstances, we will engage in proactive discussions with the relevant tax authority with a view to bringing matters to a reasonable conclusion as rapidly and equitably as possible.


Tax Management and Governance

M Group Services has a multi-layered risk management system which consists of risk registers for all areas of the business. We implement risk management measures including controls over compliance processes and monitor their effectiveness.

The Group Board oversees the Group’s tax affairs and risks through periodic reviews. The Group CFO is responsible for ensuring that appropriate policies, processes and systems are in place and that the team responsible for tax compliance has the required skills and external professional support to comply with this approach. The Group Head of Tax is responsible for day-to-day tax work, tax strategy implementation and tax risk management.

Where appropriate, written advice is taken from third-party advisors to support the decision-making process by evidencing the facts, risks and conclusions where there is uncertainty as to the application or interpretation of tax law.

The Group regards this statement as satisfying the requirements of
Schedule 19 Part 2 of Finance Act 2016.