The overall aim of the tax policy adopted by Premdor UK Holdings and its subsidiaries ("Premdor") is to support its business by complying with rules and regulations in the jurisdictions in which Premdor operates while mitigating tax risks.
The company's Blueprint outlines its values and sets out what is expected of everyone at Premdor and our approach to tax aligns accordingly.
The following document lays out the company's strategy and approach for all of Premdor's operations in the United Kingdom.
Premdor maintains internal policies and procedures to support its tax control framework. The global head of tax is responsible for ensuring that policies and procedures are in place, maintained, and used consistently around the world. The European Director of Accounting, who also serves as the Senior Accounting Officer (SAO), is responsible for the day-to-day management of the UK tax risks.
Premdor complies with all tax rules and regulations on a worldwide basis and only engages in tax planning that is aligned with its commercial business activities. Premdor adheres to the relevant guidance issued by the Organization for Economic Co-operation and Development (OECD) for international tax matters.
Tax risks may arise from time to time in relation to the interpretation of tax law and nature of our compliance arrangements. Diligent professional care and judgment will be employed to assess tax risks in order to arrive at well-reasoned conclusions on how the risks should be managed. Premdor does not have prescribed levels of acceptable risks but seek to ensure full consideration of the reputational and commercial implications of tax decisions in line with normal business risk procedures.
Premdor UK Holdings aligns its policy with the OECD guidelines as well as the guidelines of the various jurisdictions in which Premdor UK Holdings operates. Premdor UK Holdings applies the arm’s length standard to ensure the parties to intercompany transactions are appropriately remunerated. If there is uncertainty as to the application or interpretation of tax law, appropriate advice may be sought from third parties to support the decision making process.
Premdor UK Holdings is committed to the principles of openness and transparency with tax authorities. All dealings with the tax authorities will be conducted in a collaborative, courteous, and timely manner. In the event disagreements arise, Premdor will work with the tax authorities to resolve any disputed matters through pro-active and transparent discussions and negotiations.
This strategy is considered to meet the requirements under schedule 19 of Finance Act 2016