Beginning with the fiscal year ending December 2020 and continuing today, this document sets out the tax strategy pertaining to UK taxation for Chemviron Carbon Ltd. (“Chemviron”) with the information required by Part 2 of Schedule 19 to Finance Act 2016.
The UK sub-group of Chemviron is headed by Chemviron Carbon Ltd., which is required to publish a UK tax strategy. This UK tax strategy has been approved by the board of directors of Chemviron and applies from the date of publication noted below until superseded or updated.
All applicable entities in the Chemviron group at the date of publication to which this UK tax strategy applies (hereafter jointly referred to as the “Group”) are listed in the Appendix below.
Management & Governance
Tax is an important component in the business dealings of the Group. The Group takes its tax compliance responsibilities seriously and seeks to be compliant with tax legislation. Accountability for the Group’s tax affairs resides with its UK executive management team and its UK finance department personnel with support from external tax professionals as well as other tax resources within the Group, as appropriate. A number of key business, tax, and other financial processes are in place, which are administered under a philosophy of strong controls.
The Group operates using only established accounting principles and we aim to always adhere to relevant tax legislation. The Group will consider a range of tax outcomes based on an underlying commercial intention of any business activity or transaction. Any uncertain or complex areas will involve discussions with internal and external tax advisors or HMRC as appropriate and are initiated by the UK executive management team or the appropriate UK finance department personnel. When considering the tax outcome of transactions and our attitude towards tax planning, the Group strives to align these with its existing business policies.
In accordance with the strategy approved by the UK executive management team, the Group’s appetite for tax risk is low, which means it does not engage in any aggressive tax planning schemes. Consistent with the Group’s Code of Business Conduct and Ethics policy, the Group is committed to conduct its business in accordance with all applicable laws and the highest standards of business ethics. The Group’s business affairs are based on sound commercial principles and in accordance with relevant legislation, allowing it to utilise tax reliefs and allowances available in the manner intended by Acts of Parliament. Eliminating all tax risk is difficult to fully achieve due to the uncertainty that arises from different interpretations of tax legislation. The Group aims to manage tax risk to a level in-keeping with the complexity and size of its businesses, through implementation of its ongoing business model which includes its approach to tax risk management. The Group regularly monitors changes in tax laws and has internal policies and processes, which are monitored by the Group’s internal audit department, to ensure compliance and minimize tax risk.
Dealings with HMRC
The Group enjoys an open and transparent relationship with HMRC and adopts an approach of full disclosure in all communications with HMRC, including return filings. Potential issues or areas of uncertainty or contention are openly and timely raised with HMRC. As required, the Group will engage in a pro-active dialogue with HMRC to resolve any areas of uncertainty when interpreting legislation, in order to minimise any tax risk. The Group always aims to resolve any issues that may arise in an honest and timely manner.
By making this strategy freely available Chemviron Carbon Ltd. regards its publication as fulfilling its responsibilities under Schedule 19 of the Finance Act 2016.
Date reviewed : June 2023
Appendix to UK Tax Strategy
Chemviron Carbon Ltd. and UK subsidiaries:
Chemviron Carbon Ltd.
Charcoal Cloth (International) Limited
Charcoal Cloth Limited
Waterlink (UK) Holdings Limited
Sutcliffe Croftshaw Limited
Sutcliffe Speakman Limited
Sutcliffe Speakman Carbons Limited
Lakeland Processing Limited
Sutcliffe Speakmanco 5 Limited
