The policy

Beattie McGuinness Bungay Limited (“BMB”), a limited company registered in England and Wales, is wholly owned by Cheil Europe Limited.

This strategy applies to BMB and its subsidiaries.

This strategy applies from the date of publication until it’s superseded.

Aim

BMB is committed to full compliance with all statutory obligations and full disclosure to tax authorities.

Governance in relation to UK taxation

• Ultimate responsibility for BMB.’s tax strategy and compliance rest with the board of BMB
• Day to day management of tax affairs is delegated to the CFO

Risk Management

BMB seeks to reduce the level of tax risk arising from its operations as far as reasonably practical

Appropriate training is provide for staff responsible for tax compliance

We engage advisors and legal counsel to obtain opinions on tax legislation and principles.

Attitude towards tax planning and level of risk

We recognise our obligation to pay the amount of tax legally due in the territory in which the liability arises and comply with all legal requirements. At the same time, we have an obligation to maximise share owner value, which includes controlling our overall liability to taxation. However, we do not condone either personal or corporate tax evasion under any circumstances.

BMB manages risks to ensure full compliance with the legal requirements in a manner which ensures payment of the right amount of tax.

BMB seeks to take advantage of available tax incentives and exemptions and reliefs in line with tax legislation.

The board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks.

Relationship with HMRC

We maintain a transparent and constructive engagement with the tax authorities and relevant government representatives, as well as active engagement with a wide range of international companies and business organisations with similar issues.

We engage advisors and legal counsel to obtain opinions on tax legislation and principles. Where disputes arise with tax authorities, in areas of doubt or where legal interpretations differ, we aim to tackle the matter promptly and resolve it in a responsible manner.

Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.