Life UK Holdco Limited (“LUH”) and Life UK Healthcare Limited (“LUHK”) are the UK holding companies for a group of companies that operate in a number of countries including the UK.
LUH and LUHK do not trade themselves; the business in the UK is operated through its subsidiary companies:
The Board of Directors of the Group are responsible for a tax strategy that complies with the applicable laws in the UK.
This document approved by the Board of Directors sets out the Group’s approach to conducting its tax affairs and dealing with tax risks for the year ending September 2019 in accordance with the requirements of Schedule 19 of the Finance Act 2016
The Board of Directors is committed to:
Following all applicable laws and regulations relating to its tax activities.
Tax risks are assessed on a case-by-case basis, allowing the Group to arrive at well-reasoned conclusions on how each individual risk should be managed. Where there is uncertainty in how the relevant tax law should be applied, external advice may be sought to support the Group’s decision-making process.
When reviewing the tax risks associated with a specific decision or action, the Group ensures that the following are considered:
The wider consequences of potential disagreement with tax authorities, and any possible impact on relationships with them.
The Group has clearly defined lines of responsibility for its tax affairs, with decisions being taken in line with the Group’s tax authority thresholds, ensuring that they are taken at an appropriate level.
The Group’s tax planning is driven by the commercial needs of the business, and anticipated future developments. Where alternative routes exist to achieve the same commercial results, the most tax efficient approach in compliance with all relevant laws will be followed.
The commercial needs of the business will in no circumstances override compliance with all applicable laws and regulation. The tax function is therefore involved in decision-making and provides appropriate input into business proposals to ensure a clear understanding of the tax consequences of any decisions made.
In cases where the tax guidance is unclear or the Group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the Group’s decision-making process.
The Group is committed to the principles of openness and transparency in its approach to dealing with HMRC, and in particular, the Group commits to:
Howard Marsh, Chief Financial Officer International