Built Fitout and Refurbishment Limited Governance

Tax Strategy

This page sets out the tax strategic objectives for the UK operations (“Built UK”) of the Built Group of companies (“The Group”). It is intended to satisfy the UK tax strategy publication requirements under Schedule 19 of the Finance Act 2016.

Tax Governance
Built UK does not engage in artificial tax arrangements and ensures the outcome is consistent with the commercial reality of our business. The Group’s employs a ‘low risk’ approach to tax matters and structures its affairs based on commercial rationale along with an understanding on the relevant tax legislation and after discussions with its tax advisors.

Built UK is committed to providing transparent and accessible information to the relevant UK tax administrations. The tax strategy adopted by Built UK is to reflect the commercial reality of our business operation while creating and protecting shareholder value in a tax effective manner.

 

Tax affairs for the Group are managed at the Australian head office by an integrated team of highly trained and experienced staff specializing in both taxation and financial matters reporting to Built’s Chief Financial Officer (“CFO”). Built UK also engages external tax advisors to advise on Tax Compliance, Tax Accounting & Reporting, Indirect Tax, Corporate Tax Audit, and Transfer Pricing matters undertaken by Built UK to ensure the correct interpretation of the law is applied as well as monitoring new changes in tax legislation.

Any decisions to be made in respect of uncertain tax issues for the Group will be subject to professional due care and judgment by \ the Group’s finance team (as well as after consulting with Built’s management team) along with the use of best practice solutions. The Group engages external advisors to mitigate risk and advise on complex transactions.

Built UK may engage in intercompany transactions which may be with entities outside the UK (predominately with the parent entity in Australia). All locations where Built’s subsidiaries operate have income tax legislation which require the transactions to be conducted according to ‘arm’s length’ and that appropriate transfer pricing documentation to demonstrate compliance in this regard. All intercompany transactions require both commercial and business purpose in order to be approved and processed. Built UK pays taxes in locations where it maintains business operations and employs staff; the selection of such locations depends on several criteria. Built UK does not maintain a nominal presence in any jurisdiction simply for the purpose of taking advantage of a low statutory tax rate.

Working with HM Revenue & Customs (HMRC)

It is Built UK’s general policy to be transparent and proactive in all interactions with HMRC through regular communications with HMRC.

We have an open, honest and positive working relationship with HMRC. We are committed to prompt disclosure and transparency in all tax matters with HMRC.

Any inadvertent errors in submission of tax returns and tax computations to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.