This policy sets out Twenty-First Century Fox’s (21CF) global tax strategy and outlines 21CF’s approach to conducting its tax affairs and dealing with tax risk.
21CF’s commitment to compliance
21CF is committed to complying with tax law and practice in all of the territories in which we operate. Compliance requires a transparent and open relationship with stakeholders, including HMRC and other tax authorities. We actively control our compliance responsibilities and seek to identify tax risks at the earliest opportunity to ensure ongoing compliance with applicable tax law.
Responsible approach to structuring our operations
All 21CF’s employees are expected to operate in line with the company’s Standards of Business Conduct and core values, which require us to be principled, transparent, respectful and fair. Tax decisions always are made in a manner which is consistent with and complements 21CF’s Standards of Business Conduct and core values. The Tax Department reports directly to the Chief Financial Officer of 21CF.
We are mindful in our commercial decisions to maximize value for our shareholders by claiming the benefit from credits, provisions and incentives, where eligible and in line with their intended use, whilst remaining fully compliant with relevant tax laws in the UK. Any structuring that is undertaken will have commercial and economic substance and will have full regards to the potential impact on our reputation and broader goals. 21CF does not engage in artificial or contrived arrangements for the purpose of avoiding tax. 21CF adheres to, and operates in accordance with, the recent changes in the way international transactions are taxed as a result of the OECD’s BEPS program and Action plans.
Identification and Management of Tax Risks
Given the scale of our global operations, risks inevitably arise from time to time in relation to the interpretation of complex tax laws. 21CF’s Tax Department liaise directly with the commercial operations to identify, assess and manage these risks. Where the application of tax is complex or uncertain, we seek clarification by obtaining external advice from professional advisors, or by seeking advance clearance with the relevant tax authority.
Open and Collaborative Approach with Tax Authorities
21CF is a committed to managing its tax responsibilities with the utmost integrity and conducting all of its interactions and communications with tax authorities in an honest, fair and transparent manner, including HMRC.
This document sets out 21CF’s global tax policy and will be made available to all 21CF stakeholders and published online. This document will be kept under regular review and is compliant with the UK legal requirements of Schedule 19 of Finance Act 2016 for the fiscal year ended June 30, 2018.