UK Tax Strategy

Futamura

UK Tax Strategy – year ending 31 December 2024

This document outlines the policy of the UK based subsidiaries of Futamura Chemical Co Ltd. (Futamura) and the approach to conducting tax affairs and managing tax risk. The document complies with Schedule 19 of Finance Act 2016 requiring the company to publish its UK tax strategy online.

This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, Stamp Duty Reserve Tax, Stamp Duty Land Tax and Customs and Excise Duties. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which Futamura UK entities have legal responsibilities.

Futamura recognises the importance of maintaining accurate tax records and payments under the laws and regulations of the countries in which it operates.

The document is approved by the Futamura UK Board of Directors.

 

RISK MANAGEMENT

UK tax matters are managed locally by internal qualified resources who are given responsibility to manage and comply with all tax obligations to which the company is required to adhere.

Internal procedures and controls are in place to mitigate risks, including tax. Regular reviews of these are carried out to ensure the company remains at a low level of risk regarding its tax affairs. External tax advisors also review these procedures and controls.

Meetings with external advisors are held regularly to ensure that amendments to tax legislation or any changes within the business, which may impact on tax risk, are communicated and actioned.

 

ATTITUDE TOWARDS TAX PLANNING

Futamura seeks to comply fully with all its regulatory obligations. The company ensures that it only enters transactions with commercial and economic substance that are in line with tax legislation and it will not enter any tax planning which would have an adverse impact on its relationship with HMRC or on the reputation of the company.

Futamura will make use of all relevant tax reliefs available to minimise tax costs in line with tax legislation.

 

ACCEPTABLE RISK LEVEL FOR UK TAXATION

Futamura is committed to ensuring that accurate information is submitted to HMRC. Given the scale of Futamura’s business, risks will occasionally arise regarding the interpretation of tax law.

To mitigate these risks, its internal finance team are adequately resourced with qualified, experienced staff.

Futamura recognises that some areas of tax legislation can be complex and seeks independent expert advice where necessary to minimise any risks arising from these areas.

 

WORKING WITH HMRC

Futamura is committed to working with HMRC in an open, transparent and professional manner. The company aims to ensure timely and accurate disclosure in dealings with HMRC across all taxes and duties. Should any disagreement arise, Futamura will work collaboratively with HMRC for agreement on such disputed matters.

 

List of entities covered by this Tax Strategy

Company

Futamura Chemical UK Limited

Futamura UK Limited