Renew Holdings plc tax strategy
This document has been prepared by the Chief Financial Officer who acts as Senior Accounting Officer for Renew Holdings plc and its subsidiaries. It has been reviewed by the Audit Committee and approved by the Board of Renew Holdings plc. It sets out the Group’s approach to conducting its tax affairs, dealing with tax risks, tax planning and its relationship with HMRC.
The Renew Holdings Group
Renew Holdings plc and its subsidiaries (the “Group” or “Renew”) form a multi‐disciplined group of companies which operate in certain specialist engineering services and construction markets. Other than in respect of some residual land assets which are held in the USA, the Group’s trading activities are carried out wholly within the United Kingdom. Occasionally, some small level of activity may be carried out within certain countries of the European Union. When this occurs, the Group’s approach to non‐UK tax matters follows the same principles as apply within the UK.
Approach to tax
Renew is committed to openness and transparency in its approach to dealing with HMRC. The Group looks to resolve issues with HMRC in an open, constructive and timely manner. The Group is committed to following all applicable laws and regulations relating to its tax activities and to applying diligence and care in the management of its tax related activities.
Renew seeks to minimise tax risk for all its stakeholders and plans to manage its tax affairs appropriately.
The Group’s tax processes are carefully and diligently managed by qualified in‐house finance professionals to ensure that any identified risks are mitigated and controls operate effectively.
The Group consults with tax professionals and seeks their opinion on any matters where there is ambiguity in terms of tax treatment and for review and confirmation that its processes and tax judgements are appropriate. This gives the Board confidence that an effective tax control framework is in place and that tax filings are on time, complete and accurate.
The Group’s approach to the management of its tax affairs seeks to comply with all the legal and fiduciary duties of the Group, its Directors and employees and to maintain the Group’s corporate reputation with all its stakeholders including HMRC.
Structuring the Group’s tax affairs
Renew does not engage in tax planning that increases tax risk or that is not commensurate with the published intention or meaning of the tax legislation. The Group’s tax planning aims to support the commercial needs of the business by ensuring that its activities are carried out in the most commercially appropriate and tax efficient manner whilst remaining compliant with the law.
Relationship with HMRC
The Group is committed to an open and transparent approach in its dealings with HMRC by making fair, accurate and timely disclosure in correspondence and returns, and to responding to queries and information requests without undue delay. Additionally, should any disagreements arise with HMRC, the Group aims to work to resolve any issues by agreement. The Group commits to ensuring that all interactions with HMRC are conducted in a collaborative and professional manner.
The Group welcomes engagement when appropriate with HMRC’s designated customer relationship officer and the relevant HMRC professionals with whom the Group interacts across the range of taxes which the Group encounters.
This statement is published to comply with the duty set out in Paragraph 16(2) Schedule 19 Finance Act 2016.
Last updated: 29 July 2020