Onyx Capital Group Limited and its subsidiaries ('Onyx' or 'the Group') is a leading liquidity provider in oil derivatives and operates across proprietary trading, brokerage, and data services. Several companies in the Group are authorised by regulators globally including the Financial Conduct Authority.
This tax strategy, prepared in accordance with Paragraph 16(2) of Schedule 19 of Finance Act 2016 and approved by the Board of Directors, sets out Onyx's approach to UK taxation and applies to all UK entities in the Group for the period ended 31 December 2024.
Approach to tax risk management and governance
- The Group seeks to pay the right amount of tax in accordance with the tax laws in all jurisdictions the business operates, engaging with external advisers on complex matters.
- The Group ensures all business activities are undertaken in accordance with its governance framework and arrangements.
- The Board has ultimate responsibility for tax governance, with day-to-day management delegated to the finance team. All employees are suitably qualified and are required to undertake their work with the highest levels of diligence, integrity and ethical behaviour.
- The Group understands that tax needs to be considered at an early stage. Tax is considered in all business decisions, and the Group does not undertake transactions or schemes with the sole purpose of obtaining an artificial tax advantage.
- The Group seeks to foster constructive, professional and transparent relationships with tax authorities.
Attitude towards tax planning
- Tax planning is aligned with genuine commercial activity and substance; the Group does not engage in aggressive tax avoidance schemes.
- Legitimate tax reliefs in line with UK tax legislation (such as research & development credits and capital allowances) are claimed where applicable.
Acceptable level of risk
- Onyx Capital Group maintains a low tolerance for tax risk and does not engage in artificial arrangements as noted above. The Group seeks to use incentives and reliefs applicable to the Group.
- The Group seeks to ensure risk is mitigated in all material aspects across all tax regimes.
Relationship with HMRC
- Onyx Capital Group are committed to ensuring an open and transparent relationship with HMRC, the Group aims to file all tax returns and make tax payments in accordance with statutory time limits and will disclose any inadvertent inaccuracies or errors in tax compliance and return filing.
- The Group works proactively to meet its tax reporting obligations across all tax regimes and ensures full disclosure of any facts relevant to determine the tax treatment of all transactions.
- Where there is uncertainty on a tax matter, significant transactions or business changes, the Group will seek to engage with HMRC to obtain certainty on tax treatment and any disclosure requirements.
- The Group are open to engaging with HMRC on proposed changes to tax legislation which may impact businesses operating within the sector either directly or via representative groups.