Vita Group Holdings Tax Strategy
Vita Group Holdings Ltd (“VGH”, “the Group”) is a privately owned holding company of the businesses which fall under the Vita Student, Vita Living, Union and other residential brands.
The Group owns/manages c.30 properties, building communities for the lives of our thousands of residents through the quality of the building, the thriving community created or our ground-breaking technology. Vita Group is focused on expanding the Vita Student brand internationally both in terms of student residences and its sales and marketing functions.
The Group takes its tax responsibilities seriously and is committed to full compliance and disclosure of all statutory obligations to tax authorities.
Scope
The Board of VGH have ultimate responsibility for the Group Tax Strategy and compliance of the strategy, who ensure that all decisions made remain within this framework and that tax is a key consideration of key business decisions.
Day to day responsibility of the Group tax affairs is delegated to the Tax Director, who reports to the Chief Financial Officer (CFO). A tax update is provided to the Board at least once a year, together with updates through the year on any significant risks or developments.
The Group’s Chief Purpose Officer oversees an overall Group risk management framework, for which the tax risk register forms a part.
Tax risk management and governance
The Group is committed to full compliance with all statutory, regulatory, and reporting obligations.
A tax risk framework is used for any planning or advisory decisions. Similarly, a tax risk register is reviewed twice a year as routine, in addition to a review of any specific risks should these arise due to changes in internal or external factors. In each case close attention is paid to a continual review of identifying opportunities for improvement.
A risk-based approach is also taken in terms of financial accounting and regular communication takes place with the finance team. The tax team takes a proactive approach to communication across the group, ensuring a regular dialogue with finance, legal and commercial colleagues.
Tax compliance
The Group produces accurate and complete returns – the foundations of which are built on a robust risk-based compliance process. The Group utilises any statutory tax reliefs which are available to the Group.
Tax risks are minimised as far as possible through controls and processes, regular communication and ongoing training and development in-line with the risk review process. Any tax developments in legislation, guidance or case law that may impact the business are communicated to the relevant stakeholders.
Tax planning
The tax implications of all major transactions are reviewed and documented in advance by the Vita tax team, with appropriate support from external advisors when required. External tax advisors are chosen on the basis of knowledge, experience and reputation in a particular field of tax.
Tax planning decisions are taken, and documented, within a prescribed framework which considers HMRC guidance and legislation, together with any impact on the Group’s reputational risk and corporate and social responsibilities.
The Group are fully open, honest and transparent with tax authorities with regards to any tax planning undertaken.
Relationship with HMRC
The Group has an open relationship with HMRC and discloses all relevant facts, particularly regarding any areas of uncertain tax treatment. There is a timely response provided by the Group to any enquiries raised by HMRC, and any inadvertent errors which are discovered are fully disclosed on a timely basis to HMRC.
This strategy applies to the Vita Group Holdings Ltd group of companies in accordance with Paragraph 16, Part 2 Schedule 19 Finance Act 2016.