Cargill UK Tax Strategy
This policy applies to Cargill PLC and all Cargill UK companies and branches (“Cargill” or the “Company”) in the Cargill Incorporated group for the year ending 31 May 2023. The Company considers that publication of the tax strategy complies with its duty under para 19(2) and para 22(2) Sch19 FA 2016. The tax strategy is approved by the board of Cargill PLC.
Cargill is committed to conducting its business in an ethical and socially responsible manner. This commitment is embodied in Cargill’s Code of Conduct which sets out the 7 Guiding Principles that all Cargill companies and employees worldwide are required to follow. These include obeying the laws in all the countries in which we operate, conducting our business with integrity and keeping accurate and honest records.
Risk Management and Governance
Cargill complies with all tax laws and statutory obligations. The Company operates appropriately designed tax processes and controls to ensure it pays the right amount of tax at the right time. The Company employs dedicated resources including a number of experienced tax professionals to manage its tax compliance and tax risks. The UK Tax Department is managed by the UK Tax Director who reports to the Assistant Vice President of Tax - EMEA Region and the UK Financial Controller.
Tax Planning & Tax Risk
Cargill seeks to conduct its business in a tax efficient manner. This may involve considering the tax consequences of different commercial structures and taking advantage of all available reliefs, incentives and exemptions. Cargill will not engage in tax planning involving transactions that are artificial and have no commercial purpose.
Cargill maintains strong internal controls and tax accounting arrangements in order to reduce tax risk to acceptable levels. The Company seeks certainty in its tax affairs wherever possible. Tax advice may be obtained from reputable professional firms in relation to issues which are often complex and subjective in nature. The Company will only claim a tax benefit in relation to an item where it believes it has a strong technical basis for doing so.
Interaction with HM Revenue & Customs (HMRC)
Cargill seeks an open and constructive relationship with HM Revenue & Customs based on mutual trust and transparency. The Company maintains a regular dialogue with HMRC across all tax related matters including business developments, new legislation, BREXIT, pre-transaction clearances and tax compliance. Cargill co-operates fully with HMRC in relation to tax audits and provides accurate information on a timely basis. When disputes do arise, the Company seeks to resolve them in a proactive and pragmatic way.
Issue Date: May 2023