Recticel UK Sub-Group tax strategy for the year ended 31 December 2022

Publishing date: November 2nd 2022

This statement is published in order to comply with the duty under Schedule 19 of the Finance Act 2016 to publish the company’s tax strategy for the year ended 31 December 2022.

This strategy applies to all UK taxes. It has been approved by the relevant boards of all the legal entities of the Recticel UK Sub-Group and by the Group Tax Director. The board and management of these legal entities are responsible for its delivery.

Overview

We act as a responsible corporate tax citizen, in compliance with applicable tax law and regulation. 

Recticel UK Sub-Group’s legal entities are members of the Recticel Group, and therefore subject to the Group’s Tax Procedure, the main objectives of which are:

1) To be compliant with all tax laws & regulations and to seek protection against any related risks which may affect future cash flows and/or results. These risks include the possibility of, and consequences of, disagreements with tax authorities on the application of the law;

2) To protect shareholder value in relation to the taxation consequences of all aspects of the Group’s business activity (i) within the overall Group Strategy; (ii) in compliance with relevant laws, disclosure requirements and regulations; and (iii) while protecting Recticel’s reputation and brand.

Risk management and governance arrangements in relation to UK taxation

Our approach is to establish a governance environment which ensures compliance with all aspects of UK taxation legislation and minimises the risks of real or perceived non-compliance. We achieve this through Group and local policies, the use of robust financial systems, and the use of professional tax consultants to keep us up-to-date with developments in tax regulations and to assist us in remaining compliant. 

Attitude towards tax planning

We consider the tax implications of major or complex business decisions, and aim to utilise available tax reliefs and incentives only in line with their intended objectives. We do not engage in artificial tax arrangements, and ensure that tax outcomes are consistent with commercial substance.

Attitude to risk in relation to UK taxation

Our appetite for tax risk is low. Therefore, we seek to avoid real or perceived non-compliance with UK taxation legislation, so as to minimise the risks of disagreement with tax authorities, financial penalties and damage to the reputation of the company.

Approach to dealings with HMRC

We are committed to openness and transparency in all our dealings with HMRC, encouraging open dialogue on a timely basis. We aim to submit all tax returns and payments on time, and to respond promptly and cooperatively to any enquiry from HMRC.