GC United Kingdom Limited
Proposed UK tax strategy
The publication of this tax strategy is regarded as satisfying the statutory obligation under Paragraph 22 (2) of Schedule 19 of the Finance Act 2016 for the financial year ending 31 March 2027 for GC United Kingdom Limited (hereinafter “GCUK”), the sole UK entity of the wider group headed by GC Swiss Holding AG.
The tax strategy is approved by the Board of Directors of GCUK.
About GCUK
GC United Kingdom Limited is part of the wider GC Group, an international dental materials and oral health company operating globally. The Group is primarily a business-to-business operator, ultimately providing dental materials, equipment and related products to dental professionals and laboratories, with a strong emphasis on innovation, quality, safety and scientific research.
GC United Kingdom Limited operates as the UK distribution and commercial entity, undertaking mainly wholesale and some retail activities in the dental and medical products sector.
1. The approach of the group to risk management and governance arrangements in relation to UK taxation
GCUK is committed to regulatory compliance as part of our global tax strategy. In the UK this specifically involves:
a. Filing tax returns accurately and in a timely manner, and ensuring all applicable tax obligations are fulfilled appropriately and paying our fair share of taxes in a timely manner,
b. Maintenance of robust internal processes and controls designed to identify, assess and manage UK tax risks across all relevant taxes,
c. Considering tax planning activities that are in accordance with tax laws, as we understand they are intended to apply, before implementing business plans, and
d. Consulting, as appropriate, with third-party advisors and tax authorities in respect of compliance obligations and on transactions with significant tax uncertainty.
The GC Director / Country Manager is responsible for oversight of GCUK’s tax strategy and overall function, with support from specialists in tax and accountancy at GC Europe NV under a shared services agreement (“the GC Europe finance team”).
With support from external advisers and the GC Europe finance team, the GC Director / Country Manager will provide appropriate updates on tax developments, as well as tax risk assessments of our business, to the Board of Directors.
2. The attitude of the group towards tax planning (so far as affecting UK taxation)
GC United Kingdom Limited adopts a responsible and conservative approach to tax planning. Our global and UK tax framework involves the following:
a. Ensuring that transactions we enter are for genuine commercial reasons,
b. Ensure that tax risks and tax implications are carefully thought through and that are disclosed transparently where appropriate,
c. Seeking professional advice from third-party advisors and consulting with tax authorities on transactions with significant tax uncertainty, and
d. We are committed to tax compliance and ensure all tax returns are duly filed both accurately and in a timely manner.
Integrity and trust form part of our core values and GCUK has a whistleblowing policy in place should any employees have any concerns to report.
3. The level of risk in relation to UK taxation that the group is prepared to accept
GCUK’s appetite for tax risk is low.
We do however acknowledge that UK tax legislation and guidance are often subject to interpretation and as a result risks in relation to UK taxation will inevitably arise from time to time. Where areas of uncertainty arise, GCUK will assesses technical risk carefully, consider alternative interpretations where appropriate, and obtain external professional advice for material or complex issues.
GCUK aims to minimise the risk of disputes, penalties or reputational damage by adopting prudent tax positions and maintaining appropriate documentation and audit trails.
As our values are consistent globally and locally, there is no undue pressure from external stakeholders to increase the level of acceptable tax risk.
4. The approach of the group towards its dealings with HMRC
Where appropriate, GCUK seeks to build relationships with tax authorities and to be transparent and forthcoming about our business.
We would also look to ensure that any tax queries by tax authorities are responded to in a timely and transparent manner. Where there are current, future or past contentious tax issues, we will seek clarifications from suitably qualified and experienced third-party advisers, the UK tax authorities or seek advanced rulings to confirm tax positions.
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