UK Tax Strategy
This UK Tax Strategy applies to all subsidiaries of HireRight UK Holding Ltd (the “Company”), including HireRight Ltd and HireRight Powerchex Ltd, for the financial year ending December 31, 2023, and is published in accordance with Paragraph 16, Schedule 19 of Finance Act 2016.
The Company’s approach to risk management and governance arrangements in relation to UK taxation is aligned and consistent with the Company’s overall Corporate Governance policies. These policies are underpinned by the Company’s core values of integrity and accountability as embodied in the Company’s Code of Business Conduct and Ethics. Both the Corporate Governance policies and Code of Business Conduct and Ethics which embody the Company’s tax strategy are approved annually by our Board of Directors.
1. The Company’s approach to risk management and governance arrangements in relation to UK taxation.
As an international business providing services around the world, the Company faces a number of risks in relation to managing its tax compliance, payments and reporting obligations. These are compounded by numerous issues including the complexity of tax laws, changing tax laws and regulations and degrees of uncertainty about how certain tax laws should be applied. The Company mitigates these risks in a number of ways, including:
employing qualified and experienced tax personnel;
having appropriate tax policies and procedures in place;
subjecting tax risk management to the same policies, procedures and controls that govern financial reporting risk management; specifically, tax risk is included in internal control design and Sarbanes Oxley controls. Internal audit also provides independent assurance;
engaging reputable professional advisers to provide advisory and compliance services;
interacting with tax authorities to achieve, where possible, certainty in transactions where the law is unclear, ambiguous or subject to differing interpretations; and
The Tax function is responsible for establishing tax policy and maintaining close oversight over the businesses to support them to manage tax risk as appropriate. The Company’s Internal Audit function provides an additional independent level of assurance.
2. The Company’s attitude to tax planning.
The Company places primary importance on paying the correct amount of tax at the right time, under all relevant laws and regulations and to fully comply with its regulatory obligations. We do not undertake aggressive tax planning strategies and we strive to act in a manner that upholds our reputation as a responsible corporate citizen and to operate with integrity and transparency. The tax control framework noted above enables HireRight UK to effectively manage its tax liabilities and obligations.
3. The level of risk that the Company is prepared to accept in relation to taxation.
It is our policy to comply with all applicable UK tax legislation, regulations and reporting requirements. The Company maintains a conservative approach to tax in which we will only implement strategies that are supported by applicable legislation, our auditors and tax advisors.
4. The Company’s approach to its dealings with tax authorities.
The Company seeks an open, constructive and professional relationship with all tax authorities, including HM Revenue & Customs (“HMRC”). We are committed to a collaborative and constructive relationship with them and, when we do liaise with HMRC, it is on a transparent basis.