This statement, approved by the Loomis Holding UK Limited Board of directors, concerns Loomis Holding UK Ltd, Loomis UK Ltd, Loomis UK Finance Company Ltd and Loomis Investments US Ltd (“Loomis UK Group”). It sets out Loomis UK Group’s approach to managing its tax affairs and associated tax risks for the year ending 31 December 2017.
Loomis UK Group’s approach to the management of its tax affairs is driven by its code of conduct and aims to ensure the following:
- Integrity and transparency – Loomis conducts business with high integrity and transparency to ensure that we are trusted by stakeholders;
- Compliance – Loomis aims to make timely and accurate tax payments that reflect our fiscal obligations;
- Strong financials – Loomis aims to deliver services to customers at a price they are willing and able to pay, while providing investors with returns that attract long term investment.
Managing the Loomis UK Group’s tax affairs is a complex cross-business function process and consequently eliminating tax risks entirely is impossible. Tax risks are assessed and monitored regularly and identified risks are assessed on a case by case basis, allowing the Loomis UK Group to determine how each individual risk should be mitigated.
Matters which require judgement are assessed by members of the finance team with a professional qualification and ultimately the Loomis UK Group CFO. Significant matters are ultimately subject to approval of the parent company Loomis AB (publ) and its board of directors. When required, external advice from major accounting firms and legal practices may be sought.
In reviewing the tax risks associated with a specific decision or action, Loomis UK Group will ensure that the following are considered:
- The legal and fiduciary duties of directors and employees;
- The requirements of any related internal policies or procedures;
- The maintenance of the Groups corporate reputation.
In planning its tax affairs, Loomis UK Group aims to:
- Not enter into transactions that have a main purpose of gaining a tax advantage;
- Not to make interpretations of tax law that are opposed to its original spirit;
- Minimise Loomis UK Group’s tax liabilities by making use of appropriate legislative concessions and reliefs.
In accordance with CBI principles, Loomis UK Group will only engage in tax planning when it is aligned to our commercial and economic activity and does not lead to an abusive result.
Approach to dealing with HM Revenue & Customs
An important part of our tax strategy is the maintenance and development of a strong, proactive working relationship with HM Revenue & Customs (“HMRC”).
We are transparent with HMRC and in complex cases, or those requiring interpretation, we will work with HMRC on a real time basis to determine the amount of tax due.
We understand the value of our financial reporting to customers, investors and other stakeholders. We work to provide enhanced, transparent and balance disclosure in communicating our tax affairs.