Under schedule 19 Finance Act 2016, Trinseo (UK) Ltd. provides the following information for the financial year ending 2017.
The policy as described covers our approach to arranging our United Kingdom (“UK”) tax affairs and applies solely to Trinseo (UK) Ltd.
UK Tax risks
Tax risk may occur as a result of legislative and regulatory changes which may affect our business operating model; it also may arise from the different interpretation of transactions between countries. We are committed to complying with tax law and practice in the UK.
Our approach to tax risk follows the same principles applied to the management of all business risks. We do not set defined levels of acceptable or unacceptable tax risk. Issues are considered on a case-by-case basis and processes are in place to ensure that tax risk is considered.
UK Tax risk management
The Board of Trinseo is accountable for tax strategy and general management of risk. Tax strategy falls within general risk management of the company. Day to day responsibility for managing UK tax risk lies with the finance team responsible for Trinseo (UK) Ltd. with support as appropriate from the global tax team.
We have policies and processes in place to ensure the integrity of our tax filings in the UK and worldwide. Our tax processes are subject to internal controls and risk management assessments that are adopted throughout all group companies.
Our tax position follows the business activities undertaken. Tax planning will take steps to avail ourselves of reliefs and incentives that the business operations afford and will seek to avoid any double taxation of income from such operations.
In accordance with our strategy for managing risk, we will seek external advice when there is a need for specialist insight to ensure that that we are and remain compliant with applicable tax legislation.
Relationship with Her Majesty’s Revenue and Customs (HMRC)
We seek to maintain a professional and transparent relationship with tax authorities. We are committed to making relevant information available timely in order to demonstrate the integrity our tax filings, processes and payments.