This Tax Strategy is applicable to the tax activities of Bio Products Laboratory Holdings Limited and its subsidiary companies (‘BPL Group’ or ‘BPL’) as they relate to UK taxation.
This disclosure is made in compliance with the duty of BPL Group to publish its tax strategy in accordance with section 161 and paragraph 19(4) of Schedule 19 of the Finance Act 2016 in the current financial year. It is effective for the accounting period ended 31 December 2021.
As an organisation, we are committed to acting with integrity in how we undertake our activities and in all our business dealings. This UK Tax Strategy document seeks to align to this commitment in how we carry out UK tax activities across the organisation.
Tax Compliance and Reporting
We are committed to meeting all our legal and regulatory requirements in paying the correct amount of tax and meeting our tax compliance obligations. Compliance with all laws and regulations, including those relating to tax, is embedded in the culture of the business and we have an established internal control system and procedures to help achieve this.
As part of this, we apply diligent professional care and judgement in all our tax compliance activities, and providing sufficient evidence to support all judgements made.
Our approach to risk management and governance arrangements
The BPL Board of Directors has overall accountability in ensuring that tax is considered within the wider context of the business and in how tax risk is managed across BPL. Compliance and risk matters, including those concerning taxation as appropriate, are discussed at Board meetings. The Board typically meets three or four times a year.
The Chief Financial Officer has responsibility for BPL’s approach to UK tax on a day-to-day basis and is supported by the Group Financial Controller. Together, they are responsible for the identification, prioritisation and monitoring of tax risk across the UK business, as well as the escalation of tax risk to the Core Leadership Team (CLT), who in turn escalate to the Board of Directors if necessary.
BPL maintains a low threshold for risk in respect of UK taxation and we are committed to operating in a fair and ethical manner. We are not prepared to accept a level of risk that could expose us to reputational harm and / or which could adversely affect our relationship with HMRC.
Where there is significant uncertainty or complexity in relation to tax risk, we seek input from external advisors.
Our approach towards tax planning in relation to UK taxation
We have a low risk approach to tax planning as it affects UK taxation, and tax decisions are aligned to business and commercial strategy.
This approach ensures that we can create shareholder value whilst complying with applicable legislation requirements and HMRC guidance.
Transparent and professional relationship with HMRC
BPL is committed to working with HMRC in an open, honest and transparent manner. Wherever possible, we seek to work collaboratively with HMRC in terms of keeping them up to date about any commercial developments and events in our business that may have a tax impact and work with HMRC to achieve early agreement on matters of complexity.
The Group Financial Controller has developed this Tax Strategy and the Core Leadership Team has approved it on 31 December 2021.