Cambridge, United Kingdom

Manchester, United Kingdom
70 Great Bridgewater Street,
Manchester, M1 5ES

Tel: 00 44 1223 352244
Fax: 00 44 1223 352444

UK Tax Strategy

Rockwood Specialties Limited and Albemarle Corporation’s other UK subsidiaries[1]("The UK Companies'') regard the publication of this tax strategy as complying with their duty under paragraph 22(2) of Schedule 19 of the UK Finance Act 2016.

This tax strategy covers all UK taxes, including corporation tax, VAT, employee and payroll taxes (PAYE/NI), customs duties, stamp duties and withholding taxes (“UK Taxation”).

The UK Companies’ approach to risk management and governance arrangements in relation to UK taxation

Risk management

The UK Companies are exposed to a variety of tax risks which arise from time to time in relation to the interpretation of tax law or in relation to compliance obligations.  The UK Companies actively seek to identify, evaluate, monitor, and manage these risks.  The UK Companies seek external advice where there is significant uncertainty or complexity in relation to tax.

Governance arrangements

The Chief Financial Officer (CFO) of Albemarle Corporation has the responsibility and authority to ensure compliance with tax legislation. Responsibility for the tax strategy and day to day management of tax risk has been delegated to Albemarle Corporation’s Tax Department based in Charlotte, North Carolina. Management of UK tax affairs is undertaken by the UK based Tax Director, who liaises between the Tax Department and the UK Companies’ Boards of Directors. The internal tax function operates in compliance with Albemarle’s Corporate Policies and Procedures and internal control framework. The Vice President, Tax & Chief Tax Counsel and CFO regularly report on tax affairs and risks to the Board of Directors and the Board’s Audit Committee.

The UK Companies’ attitude towards tax planning (so far as affecting UK taxation)

Albemarle Corporation will undertake tax planning as part of its overall business strategy. The tax planning supports Albemarle’s business objectives, reflects business activities and has commercial and economic substance. The UK Companies do seek to take advantage of tax incentives, reliefs, and exemptions available in accordance with legislation, but do not undertake aggressive tax planning or engage in artificial transactions, the sole purpose of which is to reduce UK tax.

The level of risk in relation to UK taxation that the UK Companies are prepared to accept

The UK Companies only adopt a tax position that is at least more likely than not to be allowed under applicable UK tax laws. The UK Companies manage taxes such that all taxes that are properly due under the law are correctly paid.

The UK Companies’ approach towards their dealings with HMRC

The UK Companies seek an open, honest, respectful and collaborative working relationship with HM Revenue & Customs. All discussions and communications with HMRC are carried out in an open and transparent way and are on the basis of full disclosure of the facts.

[1]   Albemarle Avonmouth Works Limited

       Albemarle Cambridge Chemicals (UK) Limited

       Albemarle Medway Limited

       Rockwood Lithium (UK) Limited

       RT Lithium Limited

Last Updated: 8/14/2017 3:19:07 PM