La Plage Limited (UK subsidiary) Tax Strategy
This document sets out the policy of La Plage Limited with regard to its approach to tax, tax risk and governance.
WHO DOES THE LA PLAGE TAX POLICY APPLY TO?
La Plage is a wholly owned subsidiary, owned ultimately by G-III Apparel Group Ltd, a public company based in the United States. La Plage sells swimwear products under the Vilebrequin brand in the UK through both owned and franchised retail stores and shops, online stores and select wholesale distribution. The tax strategy set out in this document applies to all UK taxes applicable to La Plage.
References to UK taxation are to the taxes and duties set out in Schedule 19 of the Finance Act 2016, which includes Income Tax, Corporation Tax, PAYE, NIC and VAT.
This document has been approved by the Directors of La Plage and the Director of Tax at G-III Apparel Group Ltd for publication and will be reviewed annually, updated as appropriate and approved.
MANAGEMENT OF UK TAX RISKS
La Plage seeks to maintain the highest of reputations and confidence of all stakeholders. It seeks to comply with all laws and regulations and to adhere to the group’s Code of Ethics. Whilst La Plage may be entitled to tax concessions in the course of its normal business, it would not enter into any transaction that is motivated by the avoidance of tax. In the event of uncertainty, La Plage engages with its local tax advisers or HMRC generally from time to time as part of managing the tax risk profile.
The level of risk which La Plage accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in all its tax affairs.
La Plage seeks to identify, monitor and manage tax risks to ensure that they remain in line with company objectives. It has robust systems and controls in place to reduce inherent risk. The Board of G-III Apparel Group Ltd requires tax reports to be prepared and presented on a quarterly basis. A summary of the consolidated tax expense and tax balance sheet is included in audited quarterly reports submitted to the U.S. Securities and Exchange Commission.
RELATIONSHIP WITH HMRC
La Plage seeks to have an open, honest, transparent and constructive relationship with HMRC. The company uses the services of external advisers to meet its statutory and legislative tax requirements.
When submitting’s tax computations and returns to HMRC all relevant facts are disclosed and any transactions or issues where it is considered that there is potential for the tax treatment to be uncertain are properly disclosed.