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Tax Strategy

Liberty Steel Group – Speciality Steel UK Limited

Financial year ended 31 March 2024

Speciality Steel UK Limited, a limited company registered in England and Wales, is a wholly owned subsidiary of Liberty Steel Group Holdings Pte. Limited. The tax strategy is published for the information of the interested stakeholders and applies to Speciality Steel UK Limited, and the entities listed in Appendix 1 collectively referred to as “Liberty Steel” or the “Group” in this document. Liberty Steel regards this publication as complying with its duty under paragraph 19(4) Schedule 19 FA 2016 in its financial year ended 31 March 2024.

This strategy applies from the date of publication until it is superseded. References to ‘UK taxation’ are to the taxes and duties in the UK which include:

  • Corporate Tax
  • Indirect Taxes (VAT, Stamp Duty Land Tax, Stamp Duty Reserve Tax, Customs & Excise Duties)
  • Employment Taxes (PAYE/National Insurance, Construction Industry Scheme)
  • Other applicable tax matters

 Tax strategy and tax risk management

Our strategy is to comply with relevant regulations and laws in the jurisdictions in which we operate whilst minimising the tax burden for the Group. We seek to achieve this through a periodic review of internal controls, assessment of tax risk and accounting and engagement with our stakeholders including HMRC and other tax authorities, partners and customers. To guide us in this, we use and adhere to our tax principles, which are reviewed by the Board regularly in conjunction with the Group Head of Tax. Significant areas of tax risk are communicated by the UK tax function to senior management. The UK tax function employs qualified and trained tax professionals with the level of expertise required to perform all UK tax compliance and advisory services. The tax team works closely with the UK businesses at entity level within the Group to provide guidance, support, and to ensure the Group adheres to its tax obligations.

Tax planning

We believe that our Tax Function may engage in tax planning initiatives and make use of incentives / reliefs promoted by government authorities. We believe that any tax planning needs to be in line with our commercial interests and due consideration is given to our reputation, brand and most importantly our corporate social responsibility. Liberty Steel does not undertake tax planning activities without commercial rationale, or those which are artificial and / or with the sole purpose of achieving a tax advantage. Where there is uncertainty as to the application or interpretation of tax legislation, the Group may seek appropriate advice from external advisers to support the decision-making process.

 Tax Risk and transparency

We are transparent about our approach to tax compliance, reporting and planning. Disclosures made are in accordance with the relevant domestic regulations and applicable reporting requirements. In order to maintain an acceptable low level of UK tax risk, the Group continually reviews and improves its procedures.

Relationship with tax authorities

Wherever we operate, we seek to establish and maintain an open and constructive dialogue with tax authorities and other government bodies, based on the full disclosure of all relevant facts and circumstances. In this dialogue, we seek to provide clarity and establish certainty on all relevant local tax components in advance, including tax planning, strategy, risks and significant transactions within the Group. In particular, we aim to develop and maintain a constructive and transparent relationship with the UK tax authority, His Majesty’s Revenue and Customs (“HMRC”). Liberty Steel will seek to obtain advance clearances from HMRC where appropriate.

This Tax Strategy is aligned with the Group’s ambition to operate a compliant, low risk tax function within the UK.

Click here to download the Liberty Group UK Tax Strategy PDF