Blue Diamond

Tax Strategy

Scope

Introduction to Group structure

This strategy applies to Blue Diamond UK Ltd and to the group of companies headed by Blue Diamond Ltd in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. A list of the entities to which it applies is set out below. In this strategy, references to ‘Blue Diamond’, ‘the firm’ or ‘the group’ are to all these entities. The strategy has is being published in accordance with paragraph 16(4) of the Schedule.

The group financial statements for the year ended 31 December 2022 require the publication of this strategy, which relates to the year ended 31 December 2023 References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the Group has legal responsibilities.

Aim

Blue Diamond is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The group’s tax affairs are managed in a way which takes into account the group’s wider corporate reputation in line with Blue Diamond’s overall high standards of governance.

Governance in relation to UK taxation
  • Ultimate responsibility for Blue Diamond’s tax strategy and compliance rests with the Board of Blue Diamond UK Ltd;
  • Executive management of the group is delegated by the Board to the CFO;
  • The Chief Financial Officer (‘CFO’) is the Board member with executive responsibility for tax matters;
  • Day-to-day management of Blue Diamond’s tax affairs is delegated to the CFO;
  • The Blue Diamond Finance team is staffed with appropriately qualified individuals;
  • The Board ensures that Blue Diamond’s tax strategy is one of the factors considered in all investments and significant business decisions taken;
Risk Management
  • Blue Diamond seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations;
  • Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place.  These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required;
  • Advice is sought from external advisers where appropriate.
Attitude towards tax planning and level of risk

Blue Diamond UK Ltd manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.

When entering into commercial transactions, Blue Diamond UK Ltd seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation.  Blue Diamond UK Ltd does not undertake tax planning unrelated to such commercial transactions.

The level of risk which Blue Diamond UK Ltd accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the group’s tax affairs. At all times Blue Diamond UK Ltd seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.

Relationship with HMRC

Blue Diamond seeks to have a transparent and constructive relationship with HMRC. When submitting tax computations and returns to HMRC, Blue Diamond discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.

Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.

List of entities covered by this Tax Strategy

Blue Diamond UK Ltd

Beckworth Ltd

Fosseway Garden Centre Ltd

Blackdown Garden Centre Ltd

Van Hage & Company Ltd

Chatsworth Garden Centre Ltd

Newbridge Nurseries Ltd

Milton Park (Dorset) Ltd

Fryers Nurseries Ltd

Brown And Green (Farm Shops) Limited

Chester Garden Centre Ltd.

Blue Diamond UK Properties Ltd

MGCL Ltd

 

Richard Hemans
Chief Financial Officer

14th December 2023