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Tax Strategy

This document sets out the Longulf* strategy and approach to conducting its UK tax affairs and dealing with UK tax risk.  By making this document available the company is fulfilling its obligations under Schedule 19 of Finance Act 2016.

It is effective for the year ended 31 December 2017 and will remain effective until any amendments are approved by the Board, but it will be formally reviewed and approved at least on an annual basis.

Longulf is committed to conducting its affairs in a manner consistent with the below five principles which provide steering to key stakeholders and offer a framework for decision making:

1. Transparency with HMRC

Since its establishment over 40 years ago, Longulf maintains an honest, open and transparent relationship with HMRC and where required we will enter into proactive engagement with HMRC on all tax matters. One of the roles of the Group finance team is to ensure all taxes are correctly accounted for and that all compliance filings are submitted on time along with any tax liabilities due.

2. Appropriately qualified team

Day-to-day finance activities are delegated by the Board to an appropriately qualified and experienced in-house finance team as supported by external advisers where required. The Board continues to review the structure of its finance team at suitable intervals to ensure it remains appropriate to the business environment as well as the external tax environment.

3. External advisers

Where there is uncertainty or complexity, external tax advice is sought from third party advisers and by doing this Longulf seeks to minimise and manage any potential tax risks.

4. Attitude to tax planning

Longulf has a strong commercial focus and as part of its duty to its stakeholders to control unnecessary costs, the Group utilises tax reliefs and allowances available in the manner in which intended by the tax authorities and statute. Longulf maintains a conservative approach to tax and does not engage in any artificial tax arrangements and we comply with all relevant tax laws, rules, regulations, reporting and disclosure requirements.

5. Risk management and governance

The Board of Longulf is ultimately responsible for its UK tax strategy and tax risk management. Longulf has a clear overview of its tax risk and recognises this and considers that the tax strategy sits alongside stringent financial controls to manage tax exposures.

The Group finance team works closely with the Board to ensure any Group tax decisions are consistent with and complements the Group’s overall strategy.


*For the avoidance of doubt, any references to “Longulf” or “the Group” refers to the UK sub-Group consisting of Longulf Limited, Longulf Trading (UK) Limited and Yemen Gulf Line Limited.

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