Tax Strategy

GAMES WORKSHOP GROUP PLC’S TAX STRATEGY

This Tax Strategy is published in accordance with Para. 16(2), Schedule 19, Finance Act 2016 for Games Workshop Group PLC and its UK subsidiaries for the financial year ended 28 May 2023.

Introduction

Games Workshop Group PLC designs, manufactures, distributes and sells fantasy miniatures and related products from our own Warhammer 40,000 and Warhammer: Age of Sigmar universes and others e.g. Lord of the Rings. It is a UK based business which sells primarily into the UK, North America, Continental Europe, Australasia and Asia markets.

Games Workshop’s strategy is to make the best fantasy miniatures in the world, to engage and inspire our customers, and to sell our products globally at a profit. We intend to do this forever. Our decisions are focused on long-term success, not short term gains. In so doing, it is important that we meet our taxation requirements within the many countries we operate, in recognition of our legal and social responsibilities to contribute to those communities. If we do not, we cannot continue forever.

Group Tax Policy

Games Workshop’s culture is to seek to do things in the right way, not the easy way, with a foundation built on Honesty, Courage and Humility. This has been ingrained within our underlying tax methodology long before this strategy publication. We continue to be tax-risk averse and:

  • Seek to comply with all laws to which we are subject;

  • Uphold the laws for the prevention of tax evasion;

  • File returns and pay taxes on time;

  • Have an open and honest relationship with tax authorities, with the desire to work alongside one another to be compliant in our past, current and future endeavours;

  • Build a network of professional advisers for territories and taxes concerned to assist in the above; and

  • Not build legal frameworks and/or enter into transactions purely for the avoidance of tax.

Approach

The Tax Strategy is governed by the Board of Directors of Games Workshop Group PLC. The Chief Financial Officer (“CFO”) then has delegated responsibility from the Board for the tax strategy and sits on the Board of all companies within the group.

All our business areas are centrally managed, culminating in a small strategic team reporting ultimately in to the Chief Executive of the Group. This means the tax function is aware of current and new ventures and able to ensure they adhere to this Strategy. We aim to ensure our tax position reflects the commercial substance of the business activities being undertaken.

Our in-house tax team comprises of suitably qualified and experienced tax professionals, working directly for the CFO. The tax team are in constant communication with its advisers and with tax authorities around the world.

Games Workshop Group PLC and its UK subsidiaries adhere to the tax accounting controls and formal procedures under the UK Senior Accounting Officer (“SAO”) legislation which our SAO, the CFO, applies to confirm to HM Revenue & Customs (“HMRC”) on an annual basis whether our internal tax processes are appropriate. More broadly, we seek to adhere to HMRC’s published principles of co-operative compliance which describe the preferred ways of working and behaviours HMRC seek to encourage from large businesses.