Ray Fintech Limited – Group tax strategy statement for financial year ending 31 December 2024
Ray Fintech Limited (Jersey) is the head of a UK sub-group (“the Group”) which includes Jaja Finance Holding (UK) Limited and its subsidiaries (“the Jaja Group”). The primary trading company in the Group is Jaja Finance Limited, a wholly owned subsidiary of Jaja Finance Holding (UK) Limited.
This Tax Strategy Statement sets out the management of UK taxes for the Group and is made available in accordance with Paragraph 19(2) and Paragraph 22(2), Schedule 19 of Finance Act 2016 in relation to the financial year ending 31 December 2024.
The approach of the Group to risk management and governance arrangements in relation to UK taxation
The Board of Jaja Finance Holding (UK) Limited (“the Jaja Board”) is ultimately responsible for managing UK tax affairs of the Group and reports to the Board of Ray Fintech Limited (“the RF Board”).
Jaja’s Chief Financial Officer (“CFO”) is responsible for communicating and advising on tax affairs and risks to the Jaja Board and the RF Board. The CFO provides updates to the Risk and Audit committee on a regular basis to ensure that there is an awareness of any risks associated with the Group’s UK tax affairs.
Day to day tax matters are delegated to Jaja Finance Limited with the support of external advice sought from professional advisers, particularly for complex or uncertain matters, to manage compliance and to certify compliance, where relevant, for the UK’s Senior Accounting Officer rules.
The Group takes a zero-tolerance approach to the facilitation of tax evasion and is committed to upholding laws relevant to countering tax evasion, including the Criminal Finances Act 2017.
Attitude towards tax planning, so far as it affects UK taxation
All tax planning is driven by a business or commercial purpose. The Group is committed to acting with integrity and transparency on all tax matters and complying fully with UK tax law, which may involve claiming tax allowances, incentives, or exemptions, to which it is entitled under applicable laws and regulations.
Level of risk in relation to UK taxation that the Group is prepared to accept
The Jaja Group assesses risk on a case by case basis in line with its risk management framework. The Group’s objective is to comply with legal requirements in a manner which ensures the right amount of tax is paid at the right time, underpinned by an open and co-operative relationship with HMRC. It is the Group’s policy that uncertainties be referred to external advisors or HMRC in advance of proposed transactions or tax returns.
Approach towards the Group’s dealing with HMRC
The Group’s approach is to comply fully with UK tax law, with full disclosure, and professional advice is sought for any areas of uncertainty. It is the Group’s policy to notify HMRC without delay of any errors that may come to light.
Published: 6 November 2024