Tax Strategy – United Kingdom
This statement applies to the relevant UK entities directly or indirectly owned, controlled or managed by GLP Pte. Ltd or its subsidiaries (collectively “GLP”). It is consistent with GLP’s overall global tax strategy.
GLP regards the publication of this tax strategy as complying with its duty under Part 2 of Schedule 19 of Finance Act 2016 to publish the UK business’s tax strategy in respect of the financial year ended 31 December 2022.
Risk Management and governance
GLP is committed to full compliance with all statutory obligations and disclosure to tax authorities. The Group’s tax affairs are managed in a way which takes into account its corporate reputation in line with GLP’s overall high standards of governance.
The Tax Department is responsible for ensuring that it meets the robust requirements set out in the group’s governance standards.
GLP’s tax arrangements are based on its commercial activities and it complies with all tax rules and regulations. GLP may utilise available tax incentives, reliefs and exemptions provided these are compliant with the associated tax legislation and aligned with accepted practice.
GLP does not use marketed tax avoidance schemes or conduct any artificial tax planning.
Transaction structures must have GLP’s wider commercial goals as their fundamental driver and GLP will always consider the potential impacts of all proposed transactions including considering any potential financial and reputational impacts on the Group.
Managing UK Tax risk
GLP accepts that tax risk is a function of the group’s activities and needs to be managed appropriately. It does this through adhering to the Group’s formal risk management policies and methodologies to ensure that emerging tax risks across all activities are identified, assessed, managed, and reported where appropriate to GLP senior management. In reviewing the tax risks associated with the business operations, GLP will consider the following:
- legal duties of directors and employees;
- compliance with internal policies and procedures;
- impact on GLP’s relationships with tax authorities; and
- maintaining GLP’s wider commercial and public reputation.
In situations where tax law is unclear or subject to interpretation or GLP does not have the internal expertise to assess a particular tax position, tax advice is obtained from external advisors who have the appropriate technical expertise and advance clearances will be sought periodically from tax authorities to ensure that GLP complies with the laws applicable to the transaction structure.
Tax compliance and interaction with Her Majesty’s Revenue and Customs (HMRC)
GLP is committed to maintaining a cooperative and open working relationship with HMRC.
It endeavours to comply with all its compliance obligations and if a dispute arises it actively engages with HMRC to expedite an efficient resolution. GLP seeks to make fair, accurate and timely disclosures in correspondence and tax returns and respond to queries in a timely manner.