The 'Santen Group', headed by Santen Pharmaceutical Co., Ltd, is a Japanese based international group, operating in the sectors of research, development, manufacture, marketing and distribution of specialised pharmaceutical products in the ophthalmic field.
Santen SA ('Santen EMEA') is the European headquarters company and incorporates the European, Middle Eastern and African divisions of the wider Santen Group. The UK operations, Santen UK Limited ("Santen UK"), are part of Santen EMEA's remit.
This strategy applies to Santen UK in accordance with paragraph 19 of Schedule 19 of the Finance Act 2016 ("the Schedule").
This strategy applied from the date of publication until it is superseded. References to 'UK Taxation' are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, IPT, Stamp Duty Taxes, and Customs & Excise Duties.
Santen UK is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. Santen UK's tax affairs are managed in a way that takes into account the Santen Group's values ('Tenki ni Sanyo Suru'), The Santen Code of Practice, and is in line with the Santen Group's overall high standards of ethics and integrity in its conduct.
Santen UK manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax at the right time. When entering into commercial transactions, Santen UK only seeks to utilise available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation.
Santen UK uses the following parameters to determine whether tax risks presented by the adoption of any particular tax planning opportunity are acceptable or not:
In relation to specific, significant transactions, the Santen EMEA Chief Financial Officer is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the group's general approach to risk management.
The level of risk which Santen UK accepts in relation to UK Taxation is conservative and consistent with its overall objective of complying with local tax laws and to act in a way which upholds its values and reputation as a responsible corporate citizen.
Santen UK seeks to have a transparent and constructive relationship with HMRC.
When submitting tax computations and returns to HMRC, Santen UK discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.