UK Tax Strategy
Tax Strategy – United Kingdom
This statement applies to GCP UK Management Limited, GLP CP UK Holdings 1 Limited, GLP CP UK Holdings 2 Limited and GLP CP UK LLP (collectively the “GCP UK Entities”). It is consistent with GCP’s overall global tax strategy.
The GCP UK Entities regard the publication of this tax strategy as complying with their duty under Part 2 of Schedule 19 of Finance Act 2016 to publish the UK business’s tax strategy in respect of the financial year ended 31 December 2024.
Risk Management and governance
The GCP UK Entities are committed to full compliance with all statutory obligations and disclosure to tax authorities. The GCP UK Entities’ tax affairs are managed in a way which takes into account their corporate reputation in line with GCP’s overall high standards of governance.
The Tax Department is responsible for ensuring that it meets the robust requirements set out in the group’s governance standards.
Tax planning
The GCP UK Entities’ tax arrangements are based on their commercial activities and they comply with all tax rules and regulations. The GCP UK Entities may utilise available tax incentives, reliefs and exemptions provided these are compliant with the associated tax legislation and aligned with accepted practice.
The GCP UK Entities do not use marketed tax avoidance schemes or conduct any artificial tax planning.
Transaction structures must have the GCP UK Entities’ wider commercial goals as their fundamental driver and the GCP UK Entities will always consider the potential impacts of all proposed transactions including considering any potential financial and reputational impacts on GCP.
Managing UK Tax risk
The GCP UK Entities accept that tax risk is a function of the group’s activities and needs to be managed appropriately. They do this through adhering to formal risk management policies and methodologies to ensure that emerging tax risks across all activities are identified, assessed, managed, and reported where appropriate to GCP senior management. In reviewing the tax risks associated with the business operations, the GCP UK Entities will consider the following:
- legal duties of directors and employees;
- compliance with internal policies and procedures;
- impact on the GCP UK Entities’ relationships with tax authorities; and
- maintaining GCP’s wider commercial and public reputation.
In situations where tax law is unclear or subject to interpretation or the GCP UK Entities do not have the internal expertise to assess a particular tax position, tax advice is obtained from external advisors who have the appropriate technical expertise and advance clearances will be sought periodically from tax authorities to ensure that the GCP UK Entities comply with the laws applicable to the transaction structure.
Tax compliance and interaction with His Majesty’s Revenue and Customs (HMRC)
The GCP UK Entities are committed to maintaining a cooperative and open working relationship with HMRC.
They endeavour to comply with all their compliance obligations and if a dispute arises, they actively engage with HMRC to expedite an efficient resolution. The GCP UK Entities seek to make fair, accurate and timely disclosures in correspondence and tax returns and respond to queries in a timely manner.