UK Tax strategy

Introduction

This tax strategy statement is published by Aker Carbon Capture UK Ltd in compliance with its obligations under Paragraphs 19(2) and 22(2) Schedule 19 Finance Act 2016. It is effective for the financial year ended 31 December 2022 and will be reviewed on an annual basis thereafter and updated as necessary. 

This statement documents the UK tax strategy of Aker Carbon Capture UK, its approach to tax risk management, tax planning and its relationship with HMRC.

Approach to tax risk management and governance

Aker Carbon Capture UK seeks to achieve full compliance with all of its UK tax obligations.  

Responsibility for tax matters for Aker Carbon Capture UK primarily rests with the Aker Carbon Capture Group Finance team which includes members with appropriate tax qualifications and experience.  The Aker Carbon Capture Group Finance team is supported where necessary by professional tax advisors.

Where potential tax risks are identified or there is uncertainty in relation to the interpretation or application of UK tax law, professional advice is sought from external tax advisors to support the decision-making process.

Level of tax risk that Aker Carbon Capture UK is prepared to accept

Aker Carbon Capture UK is averse to tax risks and seeks to continually improve internal tax risk management processes and controls in order to minimise all tax risks across the Group.

Attitude to tax planning

Aker Carbon Capture UK is focused on tax efficiency and utilising tax reliefs available to it in accordance with UK tax legislation.  Aker Carbon Capture UK will not undertake transactions with the primary purpose of avoiding UK taxes or transactions which are not aligned with commercial reality. 

Aker Carbon Capture UK engages the services of professional tax advisors to assist with all major or complex business decisions in order to fully understand any associated tax risks.

Relationship with HMRC

Aker Carbon Capture UK seeks to meet the highest standards of professional care with regards to its UK taxes.  It is committed to maintaining a good relationship with HMRC and working with them in an open, transparent and collaborative manner.