In publishing this tax strategy Ithaca Energy is meeting its responsibilities under Schedule 19 of Finance Act 2016. The following strategy applies to all UK companies in the Ithaca Group and is subject to periodic review in accordance with the requirements of the legislation.
Ithaca Energy’s Board of Directors is responsible for establishing and communicating the governance framework within the group and this framework includes tax which is part of the Finance function and the responsibility of the Chief Financial Officer.
We are committed to complying with tax laws in a responsible manner and having an open and constructive relationship with the tax authorities. We participate in various industry trade bodies who directly engage with HM Treasury and HM Revenue and Customs on the development and interpretation of tax legislation.
We comply with relevant tax legislation and at the same time engage in tax planning that supports our underlying commercial and economic activities. Ithaca Energy uses the various incentives and reliefs that are made available to our industry to stimulate investment, employment and economic activity, in the manner intended by government. We engage with external advisors regularly to ensure that we comply with relevant legislation and meet our compliance obligations.
We comply with Senior Accounting Officer rules in the UK, by ensuring we have robust accounting processes and controls in place to generate the tax data that underpins the timely and accurate reporting of tax. Periodic reviews are undertaken by the Chief Financial Officer with the Finance function to ensure that the level of resources and processes are appropriate in order to achieve this.