UK tax strategy

Introduction

The Lauridsen Group, Inc. is a closely-held private company focused on discovering and producing products to enhance health and nutrition headquartered in the United States which holds seven independent operating business units which seek to develop new markets, new products, and new applications to continue to add value to customers. The United Kingdom subsidiaries of The Lauridsen Group, Inc. are referenced in this United Kingdom Tax Strategy as “the Companies.” The United Kingdom tax strategy published below in accordance with section 161 and Schedule 19 of Finance Act 2016 has been approved by executive management of the Companies and will be reviewed annually.

Tax strategy statement

The Companies’ policy is to comply with all relevant laws, rules, regulations, reporting and disclosure requirements and the pay the amounts of tax legally due. The Companies manage their tax affairs in line with core values of the businesses. The Companies are committed to acting with integrity at all times. The companies maintain a low-risk appetite regarding the business’s approach to tax affairs and tax strategy.

Tax risk management and governance

The Companies are committed to full compliance with applicable tax obligations. The Companies seek to ensure that current and future tax arrangements remain consistent with a low-risk assessment, both in financial and reputational terms.

Tax matters are proactively managed by having internal governance framework, together with business controls and processes. The Companies follow a policy of continuous improvement and work to identify and review key tax risks. The Companies continue to improve tax systems and processes in support of the Companies’ tax returns and compliance obligations. Professional advice is obtained from qualified external advisors.

Tax planning and tax risk

The Companies engage in tax planning that supports genuine commercial activities and which follow the overall strategy to maximize after-tax returns to shareholders. The Companies do not seek to structure transactions in a fashion that creates tax results inconsistent with the underlying economic principles. The Companies aim to ensure that any tax position and all tax planning activities are consistent with the spirit as well as the letter of the law.

Relationship with HMRC

The Companies engage with HMRC in an open and transparent basis, based on mutual trust and cooperative compliance. The Companies believe that this is the best method to ensure that the right amount of tax is paid at the right time by fostering good relationships with HMRC to undertake all dealings in a professional, courteous, and timely manner. Where appropriate and possible, the Companies seek to engage with HMRC on a real-time basis in any areas of material uncertainty so as to minimize the tax risk of the Companies and to provide greater certainty for both parties in advance of formal tax filings.