UK Tax Statement & Strategy
Company No. 10810919
THE LYCRA COMPANY UK LIMITED (“Company”)
Pursuant to articles 7 and 8 of the Model Articles for private companies we, being the eligible directors who would have been entitled to vote on the resolution at a directors' meeting, pass the following resolutions set out below:
It is noted that these directors' written resolutions are being proposed to consider and, if thought fit, approve the Company’s UK Tax Strategy (the “Tax Statement”).
2. Approval and Authorization
A copy of the Tax Statement was attached to these resolutions as Schedule A. It was resolved to approve the Statement and to authorize (a) signing by a director of the Company and (b) publication on the Company’s website.
UK Tax Strategy
We consider that the publication of this UK tax strategy complies with the obligations of Eagle Ultimate Global Holding B.V. and its worldwide subsidiaries (“The LYCRA Company”) under schedule 19, Finance Act 2016.
Our Commitment to Compliance
The LYCRA Company’s first principle is Ethics and Compliance and is a fundamental expectation of behavior that all employees strive to comply with all laws and regulations in all territories where we operate.
For The LYCRA Company, compliance means paying the right amount of tax in the right place at the right time, and filing tax returns on a complete and timely basis and ensuring that relevant facts and circumstances are appropriately disclosed.
Level of risk in relation to UK taxation that the group is prepared to accept
Due to the complexity of our business, risks may sometimes arise in relation to the interpretation of tax law or the nature of our compliance obligations. The LYCRA Company has internal processes to identify, evaluate, manage and resolve such risks. In situations of significant uncertainty or complexity in relation to a specific risk, advice would be sought from external advisers.
Attitude of the group to tax planning
The LYCRA Company’s Code of Conduct places the responsibility on each employee to conduct commercial activity ethically at all times, always do the right thing all the time and never sacrifice ethical, legal or regulatory requirements to achieve success. In making commercial decisions, The LYCRA Company takes tax into account in the same way as any other legitimate cost. Where there is more than one way of structuring a commercial business arrangement, all factors are taken into consideration including tax. We ensure all business arrangements are compliant with the laws and relevant regulations in the jurisdictions concerned. We do not use marketed tax avoidance schemes, nor do we use any tax planning that is contrived or artificial.
Approach toward dealings with HMRC
The LYCRA Company believes in co‐operative engagement with tax authorities, with the aim of building a relationship based on mutual respect and compliance. We are committed to working with HMRC to resolve any issues affecting The LYCRA Company in a positive and professional manner through proactive discussion.
Approach of The LYCRA Company to risk management and governance arrangements in relation
to UK taxation
The senior leadership team of The LYCRA Company has established a strong risk management culture and is responsible for The LYCRA Company’s tax affairs and oversight of tax risk. The governance of tax risk follows formal procedures which are fully aligned with other governance procedures that are in place across The LYCRA Company in respect of a range of other risks to which The LYCRA Company is exposed. The UK tax affairs of The LYCRA Company are managed by tax professionals supported where appropriate by external advisors. These arrangements ensure that all significant UK tax‐related decisions are subject to review and approval, and that all UK tax obligations are met.
Updated February 28, 2021