We consider taxation to be an important contribution to wider society rather than a cost to be minimised. The provision of public services and welfare support not only strengthens social relations but also strengthens the economy as a whole.
We will seek to pay the right amount of tax and the right time and in the right place, according the to the letter and spirit of the law in each country in which we operate
We will plan and report our tax affairs in ways that reflect the economic reality of the transactions we actually undertake and our genuine commercial activity.
We will be open and fair in our dealings with HM Revenue and Customs and any other tax authorities we deal with, and will seek to discuss with them in advance how any significant transactions whose tax treatment is open to interpretation should be treated for tax purposes.
We believe tax havens undermine the UK’s tax system as well as the possibility of a just and prosperous global economy. We may trade with customers and suppliers genuinely located in places considered to be tax havens but we will not make use of those places to secure a tax advantage and we will not take advantage of the secrecy that many such jurisdictions provide for transactions recorded within them.
We will not exploit tax loopholes contrary to the spirit of the tax law and we will not undertake specific transactions with the sole or main aim of securing unfair tax advantages. We will not use marketed tax avoidance schemes or arrangements that fall foul of current regulations. This includes:
We will be open and transparent in our lobbying on taxations matters and our influence will be based on providing a voice for Britain at work, and to improving the working life and promoting equality for everyone.
We will monitor this compliance with the policy on a regular basis and report on that compliance in our annual reports in future.