Octapharma Ltd and Octapharma (IP) Ltd Tax Strategy
Octapharma Ltd and Octapharma (IP) Ltd are private companies and are both wholly owned subsidiaries of Octapharma AG.
This strategy applies to Octapharma Ltd and Octapharma (IP) Ltd (together ‘Octapharma’ or ‘the Company’) in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. In this strategy references to the group refer to Octapharma Ltd and Octapharma (IP) Ltd.
This strategy has been published in accordance with Paragraph 16(4) of the Schedule by being on the Company’s website. This strategy applies from the date of publication until it is superseded. References to UK taxation are to the taxes and duties set out in paragraph 15 (1) of the Schedule which include Income tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax.
Octapharma is committed to full compliance with all statutory requirements and full disclosure to HMRC.
Ultimate responsibility for Octapharma’s tax strategy and compliance rests with the Board of Octapharma Ltd. Day to day management of tax affairs is delegated to the Management Accountant who reports to the Finance Manager. The Finance Manager is a qualified member of the Chartered Institute of Management Accountants.
Octapharma seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations. Processes relating to different taxes are allocated to appropriately trained staff within the Finance Team.
Risk is mitigated by seeking professional tax advice from a qualified external provider where appropriate.
Attitude towards Tax Planning and Level of Risk
Octapharma manages risks to ensure compliance with legal requirements in a manner which ensures payment of the correct amount of tax. When entering into commercial transactions, Octapharma seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation.
The level of risk which Octapharma accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs. At all times Octapharma seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate body.
Octapharma does not seek to undertake any tax planning relating to uncommercial transactions.
Relationship with HMRC
Octapharma does not have a dedicated HMRC Customer Relationship Manager. Octapharma seeks to have a transparent and constructive relationship with HMRC by fully co-operating in all tax matters and ensuring that HMRC are kept aware of significant changes in the business at an early stage. Any inadvertent errors in submissions made are fully disclosed as soon as reasonably practicable after they are identified.