RECTICEL INSULATION UK LTD
TAX STRATEGY FOR THE YEAR ENDED 31 DECEMBER 2024

This statement is published by Recticel Insulation UK Ltd (“the Company”) in order to comply with the duty, under paragraph 22(2) of Schedule 19 of the Finance Act 2016, to publish the Company’s tax strategy for the financial year ending 31 December 2024.

Overview

The Company acts as a responsible corporate tax citizen, in compliance with applicable tax law and regulation.

The Company is a member of the Recticel Group, and therefore subject to the Group’s Tax Procedure, the main objectives of which are:

1) To be compliant with all tax laws & regulations and to seek protection against any related risks which may affect future cash flows and/or results. These risks include the possibility of, and consequences of, disagreements with tax authorities on the application of the law.

2) To protect shareholder value in relation to the taxation consequences of all aspects of the Group’s business activity (i) within the overall Group Strategy; (ii) in compliance with relevant laws, disclosure requirements and regulations; and (iii) while protecting Recticel’s reputation and brand. 

Risk management and governance arrangements in relation to UK taxation

The Company’s approach is to establish a governance environment which ensures compliance with all aspects of UK taxation legislation and minimises the risks of real or perceived non-compliance. This is achieved through Group and local policies, the use of robust financial systems, and the use of professional tax consultants to keep the Company up-to-date with developments in tax regulations and to assist them in remaining compliant.

Attitude towards tax planning

The Company considers the tax implications of major or complex business decisions, and aims to utilise available tax reliefs and incentives only in line with their intended objectives. The Company does not engage in artificial tax arrangements, and ensures that tax outcomes are consistent with commercial substance.

Attitude to risk in relation to UK taxation

The appetite of the Company for tax risk is low. Therefore, the Company seeks to avoid real or perceived non-compliance with UK taxation legislation, so as to minimise the risks of disagreement with tax authorities, financial penalties and damage to the reputation of the Company and the Recticel Group.

Approach to dealings with HMRC

The Company is committed to openness and transparency in all dealings with HMRC, encouraging open dialogue on a timely basis. The Company aims to submit all tax returns and payments on time, and to respond promptly and cooperatively to any enquiry from HMRC.