Legal & Policies
Tax Strategy
In our aim to be transparent and and fulfil legislative requirements, we have outlined our tax strategy below
NLF Tax Strategy
The following tax strategy has been approved by the Board of the Nuclear Liabilities Fund Limited (‘NLF’) and outlines how NLF seeks to manage tax affairs, mitigate current and emerging tax risks and have an open and transparent relationship with Her Majesty’s Revenue and Customs (‘HMRC’) in respect of UK tax obligations.
NLF is committed to full compliance with all statutory obligations and full disclosure to tax authorities. The tax affairs are managed taking into account NLF’s need to safeguard its reputation with stakeholders and its high standards of governance.
Governance and approach to risk management
The board of directors of NLF (the ‘Board’) has ultimate responsibility for NLF’s tax affairs, it reviews and approves the Tax Strategy on an annual basis. There are also regular tax updates to the Audit Committee.
The Board has delegated the day to day responsibility for the management of taxes to specialist tax advisers. The outsourced provider comprises a team of professionals who are equipped with the appropriate knowledge, skills and capabilities to manage NLF’s tax affairs.
The Board, with support from its specialist tax and investment advisers, ensures that NLF’s tax strategy is one of the factors considered in investment decisions.
Attitude to tax planning
NLF does not engage in artificial tax arrangements without business or commercial substance. Our tax advisors work with us to ensure that the appropriate tax analysis and considerations are undertaken for material decisions. Where relevant, NLF utilises legitimate tax incentives and reliefs offered by government bodies.
Level of risk that the NLF is prepared to accept
NLF seeks to comply fully with its regulatory obligations and ensures the tax arrangements are consistent with a low tax risk approach to conducting its business. NLF has been categorised by HMRC as ‘low risk’.
Approach to dealings with HMRC
NLF seeks to have a transparent and constructive relationship with HMRC. When submitting tax computations and returns to HMRC, NLF seeks to disclose all relevant facts.
UK legislation
This document fulfils the UK legislative requirement of Finance Act 2016 Schedule 19, paragraph 16(2) and is in relation to the accounting period ended March 2023.
This strategy has been reviewed and approved by the Trustees of the Nuclear Trust and the Board on 12 September 2023.