Updated on October 30, 2019
The Lubrizol Corporation, a wholly owned subsidiary of Berkshire Hathaway Inc., has UK subsidiaries within its group. This tax strategy is applicable to these subsidiaries. Lubrizol’s Chief Tax Officer is responsible for the implementation of the policy.
We maintain compliance with tax laws and legislation via a strong system of internal governance using appropriately qualified and experienced staff. Where applicable, tax advice will be obtained from external advisors in respect of material transactions or when the tax department does not have the necessary expertise or skills required in that area. We strive to ensure that all decisions are made at an appropriate level, with diligent professional care and judgment.
Lubrizol’s tax arrangements are based on its commercial business and economic activities. Lubrizol reviews its operations in the U.K. and around the world and adjusts its tax arrangements when necessary to be compliant with tax rules and regulations, including transfer pricing guidelines. Lubrizol’s intercompany transfer pricing policies follow OECD guidelines, as well as the guidelines of the jurisdictions in which Lubrizol operates. Lubrizol applies the arm’s length standard to intercompany transactions.
Lubrizol’s intent is to ensure that all tax returns and the agreed tax payments are made within statutory deadlines and provide all relevant tax-related information that may be requested by HMRC on a timely basis.