UK Tax Strategy of Lightsource bp and Subsidiaries

This UK Tax Strategy statement is published on behalf of Lightsource bp and its relevant UK subsidiaries. The statement has been approved by the respective Boards of Directors. The publication of this statement is intended to satisfy the statutory obligation under paragraph 16(2) of Schedule 19 Finance Act 2016. This strategy applies to the financial year ending 31 March 2025.

Tax Policy

Lightsource bp’s tax policy is to ensure full compliance with all statutory tax obligations and to uphold transparency in all dealings with tax authorities. Lightsource bp manages the tax affairs of all its legal entities, including those operating within the UK, according to the company’s high standards of governance and the following principles:

Governance

Ultimate responsibility for Lightsource bp’s tax strategy rests with the Board of Directors. Day-to-day responsibility is delegated to the Chief Financial Officer and the Head of Tax, who oversee tax risk through the Global Tax Team and the operational finance functions of all businesses operating within the UK.

Tax Risk Management

Lightsource bp acknowledges that tax risk is inherent in all jurisdictions due to the complexity of tax laws, frequent legislative changes, and the application of transfer pricing principles across jurisdictions. Lightsource bp actively monitors developments in UK tax legislation to assess potential impacts on its UK operations, seeking external professional advice where required. The company will adjust its tax arrangements as necessary to ensure continued compliance with applicable tax laws and regulations. For intercompany transactions, Lightsource bp adheres to OECD transfer pricing guidelines and ensures its transfer pricing policies apply the arm’s length principle.

Tax Planning

It is the policy of Lightsource bp to comply with all relevant tax laws and regulations in the UK and internationally, ensuring all tax planning is consistent with substantive business activities. Lightsource bp does not engage in tax planning where the underlying business purpose does not support the position taken. All tax planning activities are assessed in relation to their potential impact on the company’s reputation, brand, and corporate social responsibilities.

Engagement with HMRC

Lightsource bp is committed to engaging with HMRC in an open, honest, and respectful manner, and to maintaining a cooperative and transparent relationship. In the event of queries, audits, or reviews by HMRC, Lightsource bp aims to respond transparently and constructively. The company is committed to demonstrating ongoing compliance with UK tax legislation and, in the case of disagreements, will seek to resolve such matters through mutual agreement with HMRC whenever possible.