Introduction

Pursuant to Paragraph 19(2) Schedule 19 Finance Act 2016, this document outlines the tax strategy of Control Cutter Limited for the financial year ending 31 March 2024. Control Cutter Limited is a wholly owned subsidiary of Control Cutter AS, which in turn is 89% owned by Addtech Nordic AB. The Board of Directors of Control Cutter Limited has approved this strategy, which undergoes annual review and updates as necessary.

Control Cutter Limited is committed to adhering to all tax regulations within the UK, Ireland, and any other jurisdiction in which it operates. As part of the Addtech Group, we prioritize tax compliance and timely tax payments in accordance with local laws.

Governance

Oversight of the local tax strategy falls under the responsibility of the Control Cutter Limited Board of Directors. However, ultimate governance in this area resides with Addtech Nordic AB as the majority shareholder of Control Cutter AS. Control Cutter Limited is obligated to promptly notify the Group Financial Controller or CEO of Control Cutter AS of any taxation concerns. Control Cutter AS holds the responsibility for providing taxation advice to the group.

Risk Management

The Group maintains a low tolerance for tax risks and adopts a proactive approach to ensure compliance with tax laws and guidelines. Robust internal controls are in place and subject to regular monitoring. Our primary tax exposures include Corporation Tax, VAT, and employment-related taxes.

We strive for accurate tax calculations, timely reporting, and full compliance. When faced with complex or uncertain tax matters, we seek expert external advice. The Finance Team handles tax payment deadlines and reports to the Board of Directors.

Control Cutter Group does not engage in practices aimed at tax base reduction or profit shifting for tax avoidance purposes. A Transfer Pricing Agreement is in place to accurately reflect the economic substance of intercompany transactions and ensure adherence to the arm’s length principle. Legal counsel has been engaged to validate the agreement’s compliance

Tax Planning

We do not proactively seek tax planning opportunities. However, when business or commercial operations necessitate, we openly engage with HMRC and qualified professionals to assess tax implications.

Relationship with HMRC

Control Cutter Limited is dedicated to fostering open and transparent relationships with all tax authorities. Control Cutter Limited retains the services of external accountants to act as tax agents for the purpose of addressing tax-related inquiries