Getty Images – UK Tax Policy
Getty Images is the world’s leading creator and distributor of still imagery, video and multimedia products, as well as a recognized provider of other forms of premium digital content, including music. Our award-winning photojournalists cover more than 130,000 events every year across global news, sports and entertainment, and we are the distribution partner for approximately 330 image partner relationships, partnering with organizations such as National Geographic, the NBA, Conde Nast, BBC Worldwide, Major League Baseball, National Hockey League, NASCAR and the NBA. In addition to editorial content, Getty Images also distributes impactful creative imagery to communicate any commercial concept and holds the world’s deepest digital archive of historic photography. We are a critical intermediary between more than 200,000 content suppliers and a broad set of creative, business and media customers with a growing need to use our over 225 million assets on their websites, digital and print media marketing materials, books, publications, film and video productions. Serving customers in almost 200 countries, we are the only global company in the industry to offer a comprehensive suite of content, license models, purchase options and services to meet the needs of our customers, regardless of project requirements, content needs or budgets. Our content sourcing and production, rights management, websites and content distribution are all supported by industry-leading technology, which facilitates our customers’ ability to find, use and manage our content with optimal efficiency. Our business activities cross many borders and industries, and therefore generate many and varied taxes. We comply with corporate income taxes, withholding taxes, stamp duties, employment and other taxes. We also collect and pay employment-related taxes, value-added taxes, and other goods and services taxes. We consider the payment of taxes an essential part of our corporate citizenship in the countries in which we operate. We also consider compliance with tax laws and open, honest communication with tax authorities to be fundamentally tied to the Getty Code of Business Conduct. The Code of Business Conduct sets out what we expect from everyone at Getty, and we are committed to ensuring we live up to those standards.
Our approach to taxes is based on the foundation of the following principles:
Attitude Toward Our Tax Affairs
As we structure our commercial activities, we consider, in addition to other factors, the tax laws of the countries in which we operate, always with a view to maximize value for our shareholders and employees. Any tax planning efforts we undertake will have commercial and economic substance and will be done with an understanding of the potential impact on our reputation and company goals. We do not put in place any arrangements that are contrived or artificial, nor will we accept any form of behavior that facilitates the evasion of tax, whether in the UK or in any other jurisdiction, by anyone acting for or on behalf of Getty Images.
Tolerance to Tax Risk
The Group is committed to compliance with the tax laws and practices in the countries in which we operate (including the UK), and continuously monitor changes to tax legislation, ensuring that we take advice where appropriate from professional advisors. Given the global nature of our business and the large volume of tax obligations, many of which involve the interpretation and application of complex tax law, risks related to tax will inevitably arise through the normal course of business. We proactively identify, assess, manage, and account for these risks to ensure they remain in line with Getty’s overarching values, brand, and reputation. We routinely seek professional advice where the application of tax law to a material transaction or a given situation is reasonably unclear or uncertain, or where specialist knowledge is required.
Oversight and Effective Risk Management
Getty’s VP of Tax owns and implements our approach to tax which is approved by Getty Images Board of Directors. The VP of Tax is also responsible for ensuring policies and procedures to support the group's approach to tax are in place, these policies and procedures are maintained and used consistently around the world, and that the global tax team has the skills and experience to properly manage the tax affairs of the group.
Approach to Engaging with HMRC
We engage with HMRC, as with all other taxing authorities, with honesty, integrity, respect, and fairness. While we may seek to litigate disputes with a ruling or other decision made by taxing authorities, we will first seek to resolve such disputes through open and transparent discussion and negotiation.
This publication is made by Getty Images (UK) Limited, Digital Vision Limited, Getty Images DevCo UK Limited, License Compliance Services Limited, Jupiterimages (UK) Limited, OJO Images Limited and Verbatim Agency UK Limited pursuant to paragraph 22 of Schedule 19 to the Finance Act 2016.