Underwriters Laboratories statement regarding UK tax management and governance
Underwriters Laboratories (“UL”, “we” or “our”) operates in the testing, inspection and certification industry. Our work helps customers, purchasers and policymakers navigate market risk and complexity. We build trust in the safety, security and sustainability of products, organizations, and supply chains – enabling smarter choices and better lives.
Underwriters Laboratories Inc., a not for profit organization located in the US owns a number of global subsidiaries which includes a number of UK companies. This statement sets out the UK companies approach to tax and its publication is in compliance with Part 2, Schedule 19 of the 2016 Finance Act for the period ended 31 December 2020. This statement is aligned with the UL Standards of Business Conduct and has been reviewed and approved by the directors of the UK companies as well as the global tax department located in the US (“Corporate Tax”).
UL has a reputation for integrity and independence based on a policy of strict compliance with the law and the highest standards of ethical conduct. We are committed to compliance with UK tax laws, rules and regulation and adhere to OECD principles and documentation standards in respect of transfer pricing. In all business decisions including those impacting tax liabilities we consider the legal, ethical and reputational aspects and take decisions that meet our high standards across all these categories. We look to understand the tax consequences of significant transactions (for example, M&A and restructuring activity) to ensure we are not exposed to unexpected tax costs. UL is committed to doing business fairly, honestly and openly in all regards and with all partners and this includes our UK tax responsibilities and our interaction with HMRC.
The UK finance team is responsible for the administration of routine UK tax matters and technical support, and co-ordination activity is provided by Corporate Tax in the US. UK tax risks are discussed with the Corporate Tax as appropriate. Our UK tax compliance activities are delivered through a combination of in-house staff and outsourced service providers. Staff involved in compliance activities are appropriately skilled and experienced and have regular training. We work with reputable advisory firms who are experts in the services provided. As a normal course of business, we seek continuous improvement in our tax processes and controls. We work hard to minimise the risk of error and take a prudent approach to matters of interpretation. Where there is uncertainty or complexity over material tax matters, external tax advice may be sought. The UK Company Directors are ultimately responsible for UK Company tax decisions and are consulted and informed by the Corporate Tax team.