The Snows Tax Strategy

Snows Group is a privately-owned, family company which has established a reputation as one of the UK’s leading motor groups. Based in the South and South West of England, the group operates a network of franchised motor dealerships representing some of the world’s leading brands including Abarth, Alfa Romeo, BMW, BYD, CUPRA, Citroen, Fiat, Jeep, Kia, Lexus, Mazda, Mercedes-Benz Vans, MINI, Peugeot, SEAT, Toyota, Vauxhall and Volvo.

Snows has been in the motor business since the 1970s and we have made customer satisfaction our primary objective throughout the years. Our reputation is built on meeting and then exceeding the expectations of our customers and our success is driven by our reputation.

The high standards we set for the business extends beyond our dealings with our customers as we seek to apply these to the relationships, we have with all of our stakeholders. This is why we are committed to investment in our staff, all of whom understand the importance of maintaining our reputation.

In developing this Tax Strategy, we have aimed to align our tax principles below to our commitment to acting ethically and with integrity in all our business relationships.

Tax compliance and reporting

We are committed to meeting all our legal and regulatory requirements in paying the correct amount of tax and meeting our tax compliance obligations. As part of this commitment, we comply with the Senior Accounting Officer (‘SAO’) requirements and we undertake a review of our tax processes (for Corporation Tax, VAT and Employment Taxes) as part of this process, working with external advisors to benchmark our SAO review processes to good practice.

We seek to apply diligent professional care and judgement in our tax compliance activities, and provide sufficient evidence to support all judgements made.

Our approach to tax planning

We have a low risk appetite to tax planning as it affects UK taxation, and tax decisions are aligned to business and commercial strategy. Like any other business expense however, we seek to create value for our shareholders. As such, we may respond to tax incentives and exemptions where appropriate and in a way that is consistent with HMRC and government policy.

As appropriate, we will seek external professional tax advice to ensure we apply these incentives and exemptions legitimately, and if appropriate, we seek advance clearances with HMRC to ensure we minimise the risk of uncertainty.

Governance and risk management

The UK board of directors provides oversight in ensuring that tax is considered within the wider context of the business and in how tax risk is managed across Snows Group. Compliance and risk matters, including those concerning taxation, are regularly included on the agenda at monthly board meetings.

The Chief Financial Officer has responsibility over Snows Group’s approach to tax on a day-to-day basis which includes the identification, prioritisation and monitoring of tax risk across the business, as well as the escalation of tax risk to the board of directors. The ongoing monitoring of tax accounting arrangements as part of annual SAO compliance provides part of this process.

Relationships with Tax Authorities

Snows Group is committed to working with HMRC in an open, honest and transparent manner. Wherever possible, we also seek to achieve early agreement on issues and certainty. This also means that we will seek to work collaboratively with HMRC in terms of keeping them up to date about any commercial developments and events in our business that may have a tax impact.

This Tax Strategy document

This document meets the requirement for Snows Group to publish its Tax Strategy as required by section 161 and section 16(2) of Schedule 19 of Finance Act 2016.It is effective for the year ended 31 December 2023 and covers Snows Business Holdings Limited and all of its subsidiaries.

This Tax Strategy has been developed by the Chief Financial Officer.

Approved by the Board on 18\12\2023.