Tax Strategy

Introduction

It is the intention of Jewellery Quarter Bullion Ltd to fully comply with all tax legislation and to pay the correct amount of tax which is legally due in each country which we operate.

We only enter business transactions for sound commercial reasons and will avoid all business affairs which carry any risk of facilitating tax evasion by us or others (suppliers or customers).

This statement is published to ensure compliance with the requirements set out under Schedule 19 of the Finance Act 2016, for the financial year ending 30th April 2024.

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Our approach towards risk management and governance arrangements in relation to UK taxation

The Chief Financial Officer (CFO) holds overall responsibility for tax matters related to the business operations of Jewellery Quarter Bullion Ltd and will also operate as Senior Account Officer (SAO) to ensure that appropriate tax and accounting arrangements are in place and that they are regularly assessed for suitability and robustness. The CFO delegates day-to-day responsibilities to the wider Finance Department and will bring to the Board’s and Director’s attention any matters they deem appropriate.

The CFO will continually maintain the Finance Department with the necessary skills, training, and knowledge of legislation necessary to cope with tax implications that arise from doing business in the UK. To enable the Finance Department to continually manage risk the CFO will also make them aware of any new business activities, changes or plans which may impact their approach towards risk management and governance.

Where additional support is necessary Jewellery Quarter Bullion Ltd will source external consultants, specialists, or tax consultants to provide further clarification or advise on areas of business operation related to tax to ensure ongoing compliance.

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Our attitude towards tax planning

Jewellery Quarter Bullion Ltd do not engage in tax planning schemes/arrangements unrelated to commercial transactions or which could be perceived as being aggressive or artificial in nature. We always maintain fully transparent and open dialogue with HMRC with a view to identifying and solving any issues as promptly as possible. Our tax strategy and business affairs always remain proactive and compliance based.

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Our attitude towards tax risk

The company’s attitude towards risk is primarily governed by the aim of retaining our low-risk rating from HMRC. We have a low tolerance to tax risk as we seek to avoid any risk of reputational damage when dealing with uncertainty, and whilst we do not undertake transactions led by a planning purpose, we do as part of our commercial activities consider the tax consequences. When evaluating a taxation matter, consideration will be given to the level of risk, the ease of implementation and consideration of any tax reliefs or opportunities available to us that are clearly within the legislation and related HMRC guidance.

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Our approach towards dealings with HMRC

Jewellery Quarter Bullion Ltd endeavours to maintain an open dialogue, good working relationship and full transparency with HMRC and other overseas tax regulatory authorities. This includes the full disclosure of complete and correct information as required, punctuality, seeking tax advice from external consultants where necessary, and maintaining regular contact.