It is the policy of NEP in the UK (the “Group”) to conduct our business in an honest and ethical manner. We believe in acting with integrity and transparency in all tax matters and ensuring that we comply with all relevant tax laws, regulations and obligations in all jurisdictions we operate in.
This tax strategy is reviewed annually by the board and was approved on 23 April 2021 (1).
Approach to tax risk management and governance
As with all our business risks, ultimate responsibility for the Group’s tax risk management and governance sits with the board of directors.
The Directors are responsible for ensuring that the appropriate systems and controls are in place to manage tax risk throughout the organisation. The Group’s tax status is reported regularly to the board by the respective divisional Chief Financial Officers.
Attitude towards tax planning
In order to run our business in a cost effective manner the Group seeks to utilise legitimate tax incentives and exemptions were legislation allows us to do so. We do not undertake in tax evasion, aggressive tax planning or artificial tax avoidance schemes.
From time to time we engage external tax professionals to assist our compliance and tax planning functions. Such professionals are expected by us, and their professional bodies, to maintain high ethical standards.
Attitude towards tax risk
The Group’s policy is to minimise risk with regards to all tax matters. The Group has appropriate controls in place to identify, review and manage tax risks. In areas of significant complexity or uncertainty we may seek external professional advice as appropriate.
Dealings with HMRC
The Group looks to maintain an open and proactive relationship with all tax authorities, including HMRC. We aim to be transparent and will engage in tax authorities as appropriate to gauge the tax consequences of new business practices or legislation. Our aim in doing this is to reduce tax risk and ensure that any issues are resolved as soon as possible.
(1): This information is published for and on behalf of all UK sub-groups and qualifying entities in our group in accordance with their duties under Schedule 19 of the Finance Act 2016.