Our approach to tax seeks to balance the interests of all our stakeholders, including shareholders, governments, colleagues and the communities in which Informa operates.
Informa takes a principled and low-risk approach. We commit to paying our taxes in full and on time, in compliance with the letter and intent of the laws of countries in which we operate, and to manage tax in a responsible manner to optimise returns for shareholders.
This section explains our Global Tax Policy and how we manage tax affairs throughout the Group.
Paying tax is an integral part of our commitment to the societies in which we operate. Taxes help governments provide vital services and infrastructure, which we in turn rely on to run the Group successfully. A fair and effective tax system is in the interests of tax-payers and society at large. Our approach to managing our tax affairs is:
To make transparent tax disclosures that meet all regulatory requirements and reflect best practice
To comply with and follow the spirit of the law in the countries where we operate
To engage constructively and openly with local and national tax authorities
To pay our taxes in the jurisdictions where our revenue-generating activities take place and not to transfer profits or value to low tax jurisdictions or use tax havens.
To use tax incentives and exemptions only where appropriate and to only engage in reasonable tax planning that is aligned with our commercial and economic activities.
We take a low risk approach to tax planning and adopt a consistent standardised approach to intercompany transactions using the arm’s length principle in line with OECD guidelines. This approach limits the likelihood of disputes with tax authorities and reduces the risk of unexpected tax liabilities.
Tax risks can also arise from ongoing business activity. We operate a regular risk review process to identify if trading activity is giving rise to tax risk and how it can be remedied.
When interpretation of law is uncertain, we seek to discuss the issue with HMRC (or other tax authority as appropriate) at the time or refer to it when tax returns are filed, depending on the significance of the matter.
Informa made a total tax contribution of £267.2m in 2021, of which £90.8m was made in the UK.
Total tax contribution is made up of the taxes borne by the Group plus other taxes generated as a result of our business operations, where we collect tax on behalf of others and provide it to the relevant government tax authorities.
The most significant taxes borne by the Group are corporation tax and equivalent taxes outside of the UK, and employer social security contributions.
The taxes we collect for others include net payments of VAT and similar taxes outside of the UK, employee income tax deducted at source and employee social security contributions deducted from pay.
|Corporation Tax and Other Profit Taxes||3.2||(0.7)||39.1||41.6|
|Total Taxes Borne||32.2||17.4||51.0||100.6|
|VAT and Other Sales Taxes Collected||0.4||4.6||20.4||25.4|
|Employee Income Tax Deducted at Source||44.4||43.6||15.3||103.3|
|Employee Social Security Contributions||13.8||16.0||8.1||37.9|
|Total Taxes Collected by Informa on Behalf of Governments||58.6||64.2||43.8||166.6|
|Total Tax Contribution||90.8||81.6||94.8||267.2|
The amounts shown above are actual amounts paid in 2021, which may include amounts arising from other years. Amounts paid in currencies other than sterling have been converted at the average exchange rate.
External tax advice is sought on matters of uncertainty when in-house resource is not sufficient. This can occur when we do not have relevant experience in the tax issues or in the jurisdiction involved.
The Global Tax policy is provided to all Informa Colleagues, and more detailed guidance given to those working in Finance roles that have a direct connection with tax matters.
Specific training is additionally provided to relevant Colleagues in relation to the corporate criminal offence of failure to prevent the facilitation of tax evasion.
The Audit Committee
Informa’s Audit Committee Is responsible for the Group’s Global Tax Policy and ensuring our principles and approach are adhered to. The Tax Policy is approved by the Audit Committee annually The Audit Committee last approved the Tax Policy in March 2022
Head of Tax
The Head of Tax manages the tax function. This team has close contact with finance leaders in each of Informa’s Divisions and Shared Service Centres
The Group Tax Committee
The Group Tax Committee oversees the day to day management of tax policies and standards. This comprises the Group Finance Director, General Counsel & Company Secretary, the Group Head of Tax and Group Treasurer
Taken in full, this section explains our approach to tax affairs and includes information we are required to publish under the UK Finance Act 2016 (S161). It was last updated on 06 May 2022.
The Financial Review section in the Informa 2021 Annual Report, along with Note 2 to the Financial Statements, includes more detail on how the Group accounts for tax and tax payments.
For questions or further information, contact Informa's Head of Tax
Head of Tax
Informa Group PLC
5 Howick Place
Telephone: +44 (0) 20 8052 0400