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This document sets out the strategic tax objectives for Daniel J. Edelman Holdings Inc.’s (“Edelman”) UK subsidiaries. This strategy applies to all Edelman UK legal entities. In this strategy, references to ‘Edelman UK’ are to all Edelman UK companies, partnerships and branches.
Our tax strategy will be periodically reviewed and is publicly available on Edelman UK’s website. The Chief Financial Officer and SVP of Tax & Treasury are responsible for management of the tax affairs of the group.
The policy is compliant with the UK tax strategy publication requirement set forth in section 161 and section 19(2) of Schedule 19 Finance Act 2016.
References to ‘UK taxation’ are to the taxes and duties in the UK which include:
The tax strategy is approved by Edelman UK’s Board of Directors and sets out the group’s general tax arrangements as well as the policy and approach to tax risk management, attitude to tax planning and working with HMRC.
As part of a multinational group we are aligned with and follow the wider Edelman guiding principles, code of conduct and tax policy for the group.
Edelman is committed to conduct its tax affairs consistent with the following objectives, to:
This Group Tax Code of Conduct (CoC) outlines the principles setting out how Edelman personnel are expected to operate with respect to tax matters in support of the above Group Tax Policy. Non-adherence to this CoC could constitute a disciplinary matter, potentially leading to sanctions up to and including dismissal. The Group Tax CoC is set out in detail below.
Edelman is committed to observing all applicable laws, rules, regulations and reporting and disclosure requirements as necessary to comply with laws as a result of our business presence and transactions.
A dedicated tax team (Global Tax) will collaborate with Edelman’s operations, legal, HR, finance, and other personnel to provide advice and guidance as necessary to ensure compliance and Global Tax will obtain external tax advice, where necessary.
As is the case with the wider Edelman business, potential risk and business risk appetite will form a crucial part of the decision-making process. The level of tax risk that is acceptable by the business will be continually evaluated.
Edelman will use professional care and judgment to assess tax risks in order to arrive at a well-reasoned conclusion on how the risks should be managed. Where there is uncertainty as to the proper interpretation under the tax law, appropriate written advice evidencing the facts, risks, and conclusions may be obtained from third party tax advisors to support the decision-making process.
Edelman is committed to the principle of transparency and openness in its approach to dealing with tax authorities wherever we operate around the world to minimize uncertainty. Edelman tries to develop and foster good working relationships as well as maintain dialogue with tax authorities, including HMRC, while operating in a professional, courteous, and timely manner. Where tax enquiries or audits are opened, we adopt a proactive approach and provide information to the relevant tax authorities in order to aid and resolve any matters under review in an expeditious manner. We may engage external advisors as necessary to represent us on tax enquiries.
Edelman’s tax decisions will be made at all times in a manner which is consistent with and compliments the Company’s overall tax strategy. Key business decisions should be made with an understanding of the tax consequences and with the aim of optimizing after-tax returns for the Company’s shareholders. Global Tax will partner with the business to ensure there is that consistency.
To evaluate the risks of a tax action or decision, bearing in mind the requirements of this Group Tax Policy, the following may be considered:
Edelman’s appetite for tax risk is low and it structures its affairs based on sound commercial principles and in accordance with relevant tax legislation. Aggressive tax planning is not proactively considered and external advice is sought where there is uncertainty as to the tax impact of planned activities.