In accordance with the requirements of Schedule 19 of the Finance Act 2016, the United Kingdom tax strategy of Wilsonart Limited is set out below. The strategy applies to all UK subsidiaries, the “UK Group”, and covers all applicable UK taxes.
The policy is reviewed annually.
Governance, Risk and Compliance
Wilsonart Limited operates as a member of the global Wilsonart group of companies, consolidated within Wilsonart LLC.
The UK Group adopts a conservative approach towards risk, with significant tax decisions agreed by the UK Finance Director in consultation with the Global Vice President of Tax, Wilsonart LLC. In order to ensure compliance with its obligations under enacted legislation, the UK Group operates within the context of global and local tax policies. The company’s tax processes and controls are overseen by the UK Finance Director and are monitored and reviewed by taxation specialists and the global internal audit team. This is part of a broader programme of review of business controls and procedures.
The UK Group also engages the support of external tax advisors, who provide guidance and advice where needed, for example in areas involving new and emerging legislation. The external tax advisors also review the UK Corporation tax returns as they are filed with HMRC.
The UK Group sets out at all times to comply fully with its regulatory obligations and does not engage in transactions in ways that result in tax outcomes that are not consistent with their underlying economic and commercial substance. The company’s tax policies and arrangements are consistent with its conservative, low risk approach on taxation matters.
When entering into commercial and financial undertakings, the UK Group looks to take advantage of available tax reliefs, exemptions and incentives, at all times in a manner that is consistent with the spirit in which they are intended.
The UK Group does not enter into artificial tax avoidance or planning arrangements.
Dealings with HMRC
The UK Group’s approach to HMRC is one of transparency, seeking to deal proactively in all matters of adherence. The UK Group seeks to achieve full compliance with all of its tax and wider obligations, both in spirit and in letter.
To this extent, the UK Group also promotes a constructive and co-operative relationship with HMRC and, wherever possible, seeks to avoid complexity in all of its dealings.