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SH Euro Finance PLC Tax Strategy

Company Overview

SH Euro Finance PLC (‘SHEF’) is a UK subsidiary of Sonic Healthcare Group (‘Sonic Healthcare’), one of the world's leading healthcare providers headquartered in Australia. The principal activity of SHEF involves borrowing and on-lending this debt to Sonic Group entities. The operations of SHEF are straightforward in nature and carry limited associated risk and uncertainty.

Tax Strategy Statement

Our approach to tax is aligned with our formal Group Tax Policy in relation to tax governance, which has been approved by the Sonic Healthcare Board of Directors. The principles of this Policy are set-out in the Sonic Healthcare Taxation Governance document (dated 1 December 2021) which can be found on Sonic Healthcare's website.

The Board of SHEF recognises that strong tax administration including accurate and timely compliance with tax filing and payment obligations is one of its key responsibilities. As is common with all aspects of the business the oversight of tax is assigned to the Board, who are supported by the finance team and external advisors.

There are three guiding principles to which SHEF adheres when considering all aspects of taxation. These principles provide steering to key stakeholders and offer a framework for decision making as follows:

  • Transparency with HMRC – SHEF operates an open and transparent relationship with HMRC and values the trust that is placed on the business to correctly deliver taxes due. The Board of SHEF recognises the need to proactively manage its tax affairs and obtain certainty whether for example, by obtaining external advisor support and/or obtaining relevant clearance(s) from HMRC. 
  • Risk Management and Governance – SHEF has a clear overview of its tax risk. The Board recognises this and considers that the tax strategy sits alongside stringent financial controls to ensure we identify, monitor and manage our tax risks in accordance with our low risk approach to tax. The Board sets the tax strategy, with the responsibility for the implementation of the tax strategy and the day to day tax compliance obligations managed by the finance team with support from external advisers, as and where necessary.
  • Attitude to tax planning and tax risk – SHEF’s approach to tax is underpinned by our Risk Management Framework and Group Code of Conduct. In line with SHEF’s conservative approach to tax risk, the business will look to utilise available tax reliefs and allowances in the manner in which intended by the statute and tax authorities. All transactions that are undertaken are consistent with and support our business operations. SHEF does not engage in any artificial tax arrangements.

In making this tax strategy available SHEF is fulfilling its responsibilities under paragraph 22(2) of Schedule 19 Finance Act 2016 for the year ended 30 June 2024, as approved by the Board.