CTH Draft Tax Strategy
This strategy has been prepared and published in accordance with paragraph 16 (2), Schedule 19 Finance Act 2016 on behalf of Consolidated Timber Holdings Group Limited and its subsidiaries, and herein referred to as the Group. This tax strategy covers the period ending 31st December 2022 and will be reviewed and refreshed annually.
This tax strategy applies to all UK taxation, including corporation tax, indirect taxes (including customs and excise duties) and employment taxes which are payable and reportable to HM Revenue & Customs (HMRC).
We identify and manage risks that may affect the achievement of our business plans and strategic objectives, our shareholder value and our reputation, through our risk management process. Our executive leadership team sets and overseas the risk management strategy and the effectiveness of the Group’s internal control framework and processes. We have processes in place to ensure the integrity of our tax filings and other tax compliance obligations. Ultimate responsibility for our Tax Strategy and UK Tax compliance lies with our executive leadership team.
The Group’s tax planning is driven by the commercial needs of the business and anticipated future developments. Where alternative routes exist to achieve the same commercial results the Group will consider the optimal tax position of such routes, whilst ensuring that this complies with the letter and spirit of the law.
The commercial needs of the business will in no circumstances override compliance with all applicable laws and regulations. In cases where the tax guidance is unclear of the Group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the Group’s decision making process.
Level of acceptable risk
Tax risks, both transactional and operational are considered as part of our broader risk management process. The business regularly reviews tax risks and controls and this is overseen by our executive leadership team. Our policies and governance framework are designed to ensure compliance with tax laws and regulations and to ensure that we identify, and then mitigate, any significant tax risks within our business.
Consolidated Timber Holdings Group Limited does not tolerate tax evasion or the facilitation of tax evasion. The Group applies appropriate procedures and controls (consistent with HMRC’s published guidance on ‘reasonable prevention procedures’) which seek to prevent any person acting on its behalf from facilitating tax evasion.
Interaction with HMRC
Consolidated Timber Holdings Group Limited’s approach to its tax affairs is supported by an open, honest and positive working relationship with the tax authorities. Should any dispute arise with regard to the interpretation of tax law, the Group is committed to addressing the matter promptly and resolving it in an open and constructive manner.
This tax strategy was approved by the board of directors of Consolidated Timber Holdings Group Limited on 16/12/2022