Our Tax Strategy
We are committed to high standards of corporate governance, transparency and responsibility in supporting the execution of our global business strategy – which is to drive profitable growth in our businesses and deliver sustainable returns for our shareholders. Our approach to tax supports this strategy.
Application of the Strategy
Our UK tax strategy has been approved by the Board of Directors of The Ames Companies UK Ltd. and applies to all entities within the UK that are part of the Griffon Corporation group, including La Hacienda Limited, Altia Holdings Limited, and Kelkay Limited (collectively “Ames UK”). This strategy describes Ames UK’s approach to managing the company’s tax affairs, and aligns with Griffon Corporation’s Codes of Business Conduct and Ethics. This strategy is applicable from the date of publication and remains in place until superseded; it will be reviewed annually and/or as organizational changes occur within the UK.
Governance and Management of Tax Risk
The Board of The Ames Companies UK Ltd. oversees and approves the UK tax strategy, which is aligned with Griffon Corporation’s global approach. Responsibility for setting and implementing the tax strategy and the management of our tax risks ultimately sits with the Managing Director (MD). Day-to-day responsibility for the application of the tax strategy and the management of our tax affairs is delegated by the MD to the local Finance Director, Controllers and other personnel. The delivery of this strategy is also supported by the tax, finance, and accounting teams of Ames Australasia Pty Ltd., The Ames Companies, Inc. and Griffon Corporation.
We operate a tax control framework which focuses on having the right control environment, risk identification, effective channels of communication and monitoring of our compliance with both the relevant legislation and our strategy.
To this end we ensure that we:
- adhere to our Codes of Business Conduct and Ethics which set out the behaviours expected of our employees so as to align with our overall strategy in its approach to risk and respect for our core values, and
- comply with all applicable laws, rules, regulations and disclosure requirements.
Attitude to Tax Planning
We aim to ensure that all tax positions are built on sound commercial business activity. Where eligible, we claim the benefit from various credits, incentives and various elective provisions.
Where appropriate, we seek certainty on inherently uncertain tax positions by obtaining external advice or seeking advance clearances with the relevant tax authorities. Ames UK does not undertake tax planning unrelated to commercial transactions; we do not engage in aggressive tax planning schemes and our appetite for risk is low in this regard.
Working with Tax Authorities
We work in a collaborative, transparent and proactive manner with revenue authorities and policy makers. We strive to inform the HMRC of significant UK transactions and changes to the business at the earliest appropriate stage and are open about our decision-making, governance processes and tax planning policy. We interact with these bodies in a professional, courteous and timely manner, and seek to maintain a collaborative relationship through regular meetings, discussion and written communications. Pursuant to our Codes of Business Conduct and Ethics, we cooperate fully in any inquiries.
This tax strategy was published on 15 May 2019 and The Ames Companies UK Ltd regards this publication as complying with its duty under paragraph 16(2) Schedule 19 FA 2016 in its financial year ending 30th September 2020.