UK Tax Strategy
Survitec is a market leading provider of mission-critical survival and safety products and services.
Our global business activities generate a substantial amount and variety of taxes. We pay corporate income taxes, royalties, duties, employment and other taxes. In addition, we collect and pay employment taxes and indirect taxes such as VAT. This strategy covers all UK subsidiaries of the Survitec Group and all UK taxes.
Approach to tax risk management and governance
We identify, assess and manage tax risks that may affect our business plans and strategic objectives. We implement risk management measures including controls over compliance processes and monitor their effectiveness.
We report on a periodic basis to the group audit committee the group’s tax risk environment. The group tax director is responsible for developing and implementing our approach to tax and for ensuring that policies and procedures that support the approach are in place.
We engage in tax planning that supports the efficient running of our business and reflects commercial and economic activity. We do not engage in artificial tax arrangements and ensure that outcomes are consistent with commercial realities.
We adhere to relevant tax law and we seek to minimise the risk of uncertainty or disputes. Where there is ambiguity about how a transaction or course of action is taxed, we will discuss it in advance with tax authorities and/or take external advice where appropriate.
We utilise tax incentives, reliefs and allowances available in the manner intended by tax authorities and law.
Working with HMRC
We seek to ensure that our engagement with HMRC is open, honest and constructive. We are also committed to prompt disclosure and transparency in all tax matters with HMRC.