Afton Chemical UK – 2022 Tax StrategyThis Tax Strategy is in accordance with UK legislation.
In compliance with section 161 and section 19(2) of schedule 19 Finance Act 2016, the company is publishing its tax strategy for the year ending 31 December 2022. This strategy applies to the following UK companies:
Afton Chemical UK Holdings Limited
Afton Chemical Limited
Afton Cooper Limited
Our business activities lead to the payment of a number of different direct and indirect taxes, including corporate income taxes, employment taxes, customs duties and VAT.
Our business and our employees have a strong focus on ethics and corporate responsibility. Afton’s high standards of behaviour are reinforced by our Code of Conduct Policy. The administration and payment of tax are within those responsibilities.
Our overall tax strategy is to:
- regularly monitor relevant tax law changes and developments;
- meet all legal requirements and make all appropriate tax returns and tax payments;
- seek to utilise available tax reliefs and incentives where available in a manner which is consistent with the government’s policy objectives;
- consider the tax impact in major or complex business decisions;
- operate in an environment where we consider tax in the context of our reputation; and
- comply with appropriate tax risk processes and ensure there is Board oversight of this compliance.
We recognise that managing tax compliance is becoming increasingly complex. Accordingly, we have created internal controls and processes to identify, mitigate and manage tax risk.
Risk management and governance
The Board of Directors understands the importance of tax compliance and meeting those obligations, and the Board are regularly briefed at meetings on compliance, tax risks and changes in legislation. There is continual dialogue between the Board and the tax function in the UK regarding the way the business manages its tax risk. Our UK tax compliance oversight framework also includes the annual Senior Accounting Officer certification filing to HM Revenue & Customs to certify that we had appropriate tax accounting arrangements throughout the financial year.
Due to complex legislation and potential uncertainty in interpretation of legislation, professional external advice may be sought when appropriate.
We have a low tolerance for tax risk. Accordingly, the Tax function manages our tax risk on an on-going basis to ensure compliance with applicable tax law and regulations. The Board sees this compliance as a key factor in managing the tax risk, and there is an understanding of our responsibilities towards tax.
Attitude towards tax risk
Afton undertakes tax planning that is in line with our business strategy. Afton does not seek to undertake artificial tax planning opportunities with the sole objective of obtaining a tax advantage. Intercompany transactions with the rest of the worldwide group are conducted on arm’s length principles in accordance with OECD guidelines.
Afton is committed to accurate and timely tax compliance. Our relationship with HMRC is built on honesty, integrity, openness and respect. We will seek to work in conjunction with HMRC to resolve any potential disputes. Where disputes are unable to be resolved collaboratively, Afton would be prepared to litigate, having considered external advice and reputational risk.
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