This Tax Strategy applies to Maverick Topco Limited and its subsidiaries (together “Riviera Travel” or “the Group”). This publication satisfies the Group’s duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish its Tax Strategy for the financial year ending 30 November 2022.
Our approach to tax compliance
Riviera Travel is committed to full compliance, including submitting accurate tax returns and paying the right amount of tax at the right time. The Group’s tax affairs are managed in a way that takes into account its wider corporate reputation in line with the Group’s overall high standards of governance. If a tax treatment is uncertain and judgement is required, the Group may seek advice from external advisers.
Our relationship with HMRC
The Group aims to maintain a professional, transparent, and constructive relationship with HMRC through communication in respect of developments in the Group’s business, tax risks and interpretation of the law in relation to all relevant taxes.
The Group ensures that HMRC is kept aware of significant transactions and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, the Group discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Tax risk management
The Group 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, the Group seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. The Group does not undertake tax planning unrelated to such commercial transactions.
The level of risk which the Group accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the Group’s tax affairs. At all times the Group 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.
Governance in relation to UK taxation
Ultimate responsibility for the Group’s Tax Strategy and compliance rests with the Board of Directors. The Board ensures that the Group’s Tax Strategy is one of the factors considered in all investments and significant business decisions taken.
The Chief Financial Officer (‘CFO’) is the Board member with executive responsibility for tax matters. Day-to-day management of the Group’s tax affairs is delegated to the Group Financial Controller who is assisted by the finance team and who reports to the CFO. The finance team is staffed with appropriately qualified individuals. Appropriate training is carried out for staff who manage or process matters which have tax implications.
The Group operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the Group’s financial reporting system.
Companies covered by this Tax Strategy
Maverick Topco Limited
Maverick Holdco Limited
Maverick Loanco Limited
Maverick Midco Limited
Maverick Interco Limited
Maverick Bidco Limited
RTL Topco Limited
RTL Midco Limited
RTL Cleanco Limited
RTL Bidco Limited
Riviera Tours Limited
Riviera Tours (Transport) Limited