Transport for Wales Group Tax Strategy

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Transport for Wales Group Tax Strategy

As a UK group with turnover above £200m, TfW is required to publish a tax strategy under Schedule 19 of Finance Act 2016.



This document sets out the tax policy for Transport for Wales (TfW) and its subsidiary companies (together “TfW Group or we/our”) and our approach to conducting its UK tax affairs and dealing with UK tax risk.

The document has been approved by the TfW Board.

The document will be periodically reviewed and any amendments will be approved by the TfW Board.

The tax strategy applies for the financial year ending 31 March 2023 and subsequent financial years.


Our Organisation

TfW is a not-for-profit company, wholly owned by the Welsh Government. TfW exists to drive forward the Welsh Government’s vision of a high-quality, safe, integrated, affordable and accessible transport network of which the people of Wales are proud.

TfW’s registered office address is 3 Llys Cadwyn, Pontypridd, Rhondda Cynon Taf, CF37 4TH.


Our Tax Strategy

  • Approach to tax planning

    TfW Group takes a responsible approach to tax planning, seeking to ensure that we comply with all applicable laws and regulations while minimising tax liabilities. Our tax planning is aligned with our annual business plan and five-year corporate strategy. We consider the potential impact on our reputation and relationships with stakeholders.
  • Governance and risk management

    TfW Group have established a robust governance framework for tax with clear roles and responsibilities, policies and procedures, and regular monitoring and reporting. Our risk management approach includes identifying and assessing tax risks, implementing controls to mitigate these risks and ongoing monitoring and review of our tax compliance.

  • Tax compliance and reporting

    TfW Group is committed to meeting all of our tax compliance obligations, including filing tax returns and making tax payments on time. We maintain accurate and complete tax records and have implemented controls to ensure the accuracy and completeness of our tax reporting.

  • Relationship with HM Revenue & Customs (HMRC)

    TfW Group maintains a constructive and transparent relationship with HMRC, including regular communication and engagement with HMRC on tax matters. TfW Group seeks to resolve any disputes with HMRC through open and constructive dialogue.

  • Approach to tax risk

    TfW Group aims to minimise tax risks and ensure compliance with all relevant laws and regulations. TfW Group does not engage in aggressive tax planning or tax schemes that are not in line with the intent of the tax legislation. We seek professional advice from qualified tax advisors where appropriate.

  • Public disclosure

    TfW Group is committed to transparency in our tax affairs and has published this tax strategy in accordance with the requirements of the UK Government. TfW Group will continue to review and update its tax strategy to ensure that we remain relevant and effective.

    In summary, TfW Group’s tax strategy is aligned with TfW’s core values and business principles.  TfW Group is committed to maintaining high standards of tax compliance and transparency. TfW Group manages UK tax risks through appropriate governance, risk management and compliance processes. We work closely with HMRC to ensure a cooperative and collaborative relationship. TfW Group’s attitude to tax planning is responsible and in line with the intent of tax legislation. We are prepared only to accept a low level of risk for UK taxation.



In scope entities

Transport for Wales (parent company)

TfW subsidiary companies 

  • Transport for Wales Rail Ltd 
  • Pullman Rail Ltd 
  • TfW Innovation Services Ltd 
  • Wales Infrastructure Manager of Last Resort Ltd (dormant)