Tax Strategy and Policies
Background
The ASR Group is a privately owned multinational enterprise. The ultimate parent company, ASR Group International, Inc, is incorporated in the United States.
The UK subgroup comprises the following entities:-
- ASR Group Europe Limited (active)
- T&L Sugars Limited (active)
- ASR Group Limited (inactive)
- ASR Group Europe (Properties) Limited (inactive)
- Tate & Lyle Sugars Limited (inactive)
- T&L Sugars Death Benefits Scheme Trustees Limited (inactive)
Overview
The Group is committed to complying with all laws and regulations under UK tax legislation and other appropriate precedents and practices.
The Group’s policy is to take a conservative approach to tax planning, not pursue aggressive tax planning arrangements and not make interpretations of tax law that are opposed to its original spirit. To achieve these objectives, the Group uses a mix of appropriately qualified internal resources and specialist external advisers.
Relationship with HM Revenue & Customs (“HMRC”)
The Group maintains a constructive relationship with HMRC and views this as an important part of the wider tax strategy. It is transparent with HMRC and, in cases of interpretation or complexity, works with HMRC on a real time basis to determine the correct outcome.
Developing and maintaining an open and productive relationship has culminated in HMRC awarding “low risk status” to the Group, which we value greatly and expect to maintain.
Attitude towards tax planning
Minimising the Group’s tax liabilities by recognising appropriate legislative concessions and reliefs is of benefit to our key stakeholders. The intention of Government by introducing these concessions and reliefs is to help UK businesses to grow which, in turn, aids growth in the UK economy.
The Group’s tax strategy and policies seek to make use of such appropriate reliefs and to control tax costs. Whilst seeking to minimise tax liabilities for the benefit of customers and stakeholders, the Group’s policy is not to take an aggressive interpretation of tax legislation or use artificial tax avoidance schemes. We will not utilise tax incentives or opportunities where these carry significant reputational risk or significant risk of negatively impacting our relationship with HMRC.
Tax governance
Tax strategy is part of the Finance function of the Group and is the ultimate responsibility of the European Finance Director who is responsible for the UK operation’s tax strategy and policies.
As part of the wider ASR Group, the ultimate decision making regarding the Finance function, including tax, is taken at Board level at the ASR Group’s head office in the United States. Tax strategy and policies are reviewed on an on-going basis.
Day-to-day tax matters are overseen by the Group’s International Tax Director who holds appropriate tax and accounting qualifications.