In December 2015, HMRC published draft legislation regarding its requirement for large business to publish their approach to the management of UK taxes. Following consultation, we now have final law and Perstorp will be required to publish a UK tax strategy under Schedule 19 Finance Act 2016. The required publication date for Perstorp UK Ltd is 31 December, 2017.
Tax policy: This policy applies to Perstorp UK Ltd and covers five key components:
1. Commitment to compliance
We are committed to compliance with tax law and tax practice in the UK. Compliance for us means paying the right amount of tax in the right place and at the right time. It involves disclosing all relevant facts and circumstances to HMRC and claiming reliefs and incentives where available.
2. Responsible attitude to arranging our tax affairs
When undertaking our commercial activities we will consider – among other factors – the tax laws in the countries in which we operate, with a view of streamlining and maximising value on a sustainable basis. We will have full regard to the potential impact on our reputation and company goals and not put in place any arrangements that are artificial.
3. Effective risk management
Given the scale of our business and volume of tax obligations, risks will arise from time to time in relation to new tax regulations and the interpretation of complex tax law and compliance arrangements that we are obliged to follow. We actively seek to identify, evaluate, monitor and manage these tax risks on an ongoing basis to ensure they remain in line with our objectives. In situations where there is significant uncertainty or complexity, external advice from tax advisors will be initiated to handle it correctly.
4. Constructive approach to engaging with HMRC
We engage and contact HMRC with honesty, respect, fairness and integrity, and always try to work in a spirit of co-operative compliance. We will not take positions on tax matters that may create reputational business risk or our good co-operation with tax authorities, domestic and international.
5. Board ownership and oversight
This tax policy is aligned with our Code of Conduct and is approved and owned by the Executive and overseen by the Board.
The payment of corporation taxes, business rates, employers NI contributions, etc. through Perstorp UK Ltd.’s activities in the UK continue to generate considerable tax revenue for the Exchequer.
As a responsible tax payer, Perstorp UK Ltd does not engage in any aggressive tax planning, tax avoidance schemes or offshore tax structures to artificially reduce the amount of UK tax it pays. We strive to be open with HMRC, to provide prompt and up-to-date information about how we manage our tax responsibilities, and to ensure our relationship with HMRC is efficient and effective for both parties.
Phone +44 (0)1925 643500 Fax +44 (0)1925 232207
Registered in England No. 02715398
Registered Office: Baronet Road, Warrington, Cheshire, WA4 6HA
Perstorp UK Ltd. – UK Tax Policy